If you lease option a house out, who is resposible for the property management and repairs?
When you lease a house out, with the option to purchase…who is responsible for the repairs and maintenance of the home, the owner or the person leasing who may or may not exercise their option to purchase?
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Tags: House Purchase, Option To Purchase, Property Lease
lease property | , 24 Mar 10
By src50, March 25, 2010 @ 2:24 pm
It should be covered in the lease. Normally, it would be the owner.
By loanmasterone, March 28, 2010 @ 1:13 pm
This should be outlined in the lease option contract. In any lease option I have used a dollar amount determines the person responsible for making repairs.
I hope this has been of some use to you, good luck.
“FIGHT ON”
By Gherkinhead, March 30, 2010 @ 3:14 am
Under “Common Law”, the responsibility for maintenance and upkeep lies with the owner of the asset.
By Donald D, March 30, 2010 @ 9:30 pm
Every contract is different. So the question is…What did you negotiate? If there was nothing specific in the contract then the contract has written defaults in it. Since I have no idea what type of contract you used there is no way to tell you who does what. Read the contract!
By bill the businessman, April 1, 2010 @ 6:55 am
the owner of record of the property is responsuble….
By Qpid59, April 3, 2010 @ 10:06 am
Utimately the owner of the property is responsible. However, the owner can require the lessee to pay the taxes and upkeep on a property under the terms of a lease to own contract.
I normally require that the lessee pay for those expenses as part of the lease on properties I own. I also give the lessee basically the same rights as if they actually owned the property. So that means they can paint the home, re-landscape, or even add on to the house at thier own expense. As long as they give me notice and it doesn’t destroy the property, they can do almost anything they want.
Good luck