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.
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