lease option. who would pay for repairs on the property AND are taxes non-homesteaded like a rental?
I want to sell my house desperately! (my husband’s ex-wife moved in next door). Any information you could give on lease options would be appreciated. I live in Michigan
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Tags: Lease Option, Lease Options, Property Taxes
lease property | , 28 Feb 10
By rlloydevans, February 28, 2010 @ 10:15 pm
In a lease option the leasee (the person you lease the house to) is almost always responsible for all repairs, although that can change depending on the wording of the lease.
As far as taxes, it is treated like a rental up and until the time the option is exercised for the leasee to purchase the property from you.
Good luck.