Friday August 1 - Lease-option Agreemenets Question: What happens if a seller wants to go ahead and move into a lease-option agreement, but wants to hold off acceptance until her lawyer reviews it? Answer: Around the country sale agreements have become increasingly complex. Lease option agreements raise even more issues so the seller is right to have the paperwork reviewed by an attorney prior to acceptance. For instance, who is responsible for insuring the property? Paying taxes? Must any of the rental money be retained in an escrow account -- speak with lenders for more information. And then what happens if the tenant/buyer damages the property -- and then decides not to buy? Is the property located in a community with rent control? When is the condition of the property deemed acceptable? How big is the deposit? These are all issues you must consider.

Published: August 1, 2008

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