CHECKLIST Selling on an option

When you are selling on an option be careful on these points

When you are selling the lease option you must be aware if the problems that can be faced by you while dealing with the lease option buyer so there is a checklist selling on an option. The checklist must contain the following items

  • Do a background check for the buyer along with the employment check, name check and number check
  • Try to use your win contract that has the language of the real estate.
  • Setting a price that will allow the buyer to by the house in one year or so. This will have you both happy.
  • The option buyer will be the home owner in few months so consider him as the home owner.
  • During this tenure all the liability of the house is still on the shoulders of the owner
  • The lease option buyer will however get the minor repairs in house done.
  • The owner must get the inspection of the maintenance of the house done in presence of third party.
  • Purchase a warranty for the home and make the lease option buyer the co-payee
  • You must use both the residential lease and the purchase contract so that you cannot be blamed for anything dispute in future.
  • The market condition is the main determinant of the cost of real property if you want make changes to your house cost with time

This is not the time to sell your house rather go in for lease optioning your property till the time becomes favourable.

Checklist Selling On An Option
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Sample Template Preview

MOVE IN DATE:_______________
Seller Name:__________________

   Selling on an Option
Check List    

Advertise Home
Get Application Fee
Get Application
Get Non-Refundable Deposit if acceptable (with signed deposit form)
Create Tenant Folder for this home
Confirm Applicant Meets Criteria
If Not – send rejection letter
Draft Rental Agreement/Option/Offer to Purchase
Video Tape Home (with tenant if possible) or get pictures
Get Check-in/out List to Tenant
Cancel Advertising
Sign Rental Agreement, Option, Pet Agreement & Offer to Purchase
Sign Lead Based Paint & Sellers Disclosure
Confirm that they transferred utilities to their name
Gas, Electric, garbage, water, water softener, etc
Confirm Their Check-in/out sheet is returned
Confirm they have renters Insurance
Remove Sign(s) and any lockbox
Make a copy of tenants personal check – put in their folder (every time their bank changes)