Joanna Jackson
· Who will tend to the property and pay for routine maintenance?
· Who pays for major repairs?
· What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
· Will you manage the property yourself, or hire a real estate agent?
· What if the renters change their minds? Who keeps the money in the escrow account?
· If the buyers change their minds, what will be required to put the property back on the market for sale?
For buyers:
· How much of the rent is going to the down payment?
· How locked in are you if you change your mind?
· What will it cost you to get out of the deal, if needed?
· How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?
· Who is responsible for paying the property taxes and insurance on the property?
· When considering a rent-to-own deal, seek legal advice from a real estate attorney.
Article prepared and submitted by Joanna Jackson, sales manager/associate broker with Jackson Realty.
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