Home owners who have been trying to sell their properties for a year or more might consider lease or a rent-to-own option.
A lease option agreement gives the tenant the option to buy at a predetermined price for a rent that is slightly higher than market. In a lease purchase, a buyer commits to buying the property. In exchange, the seller credits a percentage of each payment toward the purchase price.
Either arrangement is likely to attract serious renters who would like to buy the property if they can. In exchange, they’ll take good care of it.
Negotiating these agreements can be tricky, and the owner should always get help from a real estate professional.
Did you know that a landlord is required by law to make a reasonable accommodation for a tenant with a disability? What is a reasonable accommodation? What is the definition of a disabled person? Are you required to install grab bars? Are you required to admit comfort animals into your property? What sort of confirmation can you legally request?
Understanding how to implement the Fair Housing Law is just one of the areas of expertise that Nesbitt Realty remains apprised of. We know the answers to these questions, and we know how to handle the issues while accommodating the tenant and protecting the landlord.
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