Terms For Selling On L/O
I'm considering selling my house on a L/O. Is it common practice to include terms that protect the condition of my property? Assuming the tenant does not exercise, for example, I would want to make sure some basic maintenance does get done (exterior painting) to avoid greater repair costs to me. Can I put terms such as "homeowner must paint exterior by x date", for example?
thanks!
Your Contract can state this (although it doesn't mean it would hold up in court). Normally, general maintenance can be the T/B's responsibility, but ultimately, we, as investors, are still bound by Landlord-Tenant Law should it go to court. Other extras (like paint) can be added to the Contract reasonably safely.
[addsig]
I was wondering if it is legal to put a clause in the contract that the tenant waves their tenant/landlord right for fixups since they are renting to own? Would this vary from state to state?
I was wondering if it is legal to put a clause in the contract that the tenant waves their tenant/landlord right for fixups since they are renting to own? Would this vary from state to state?
In the L/O contract that I use, it specifies that the tenant is responsible for their own repairs on the property (I'm in Maryland.) However, if you can't do that there, then you might try a deductible on repairs of $50-$100 bucks, therefore, they will try to fix themselves, instead of calling you for BS!