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Hey Fellas and Ladies, I’m working on an article about lease options and I’m not the pro at these, so I’m wondering: If you do a lease option on a property, and the furnace goes out, there is a roof leak, or another fairly big issue – who pays for it?
Some state and local laws allow for tenants to hire someone to make repairs, and then deduct the cost from the rent. It is important to note, however, that this option is not always available (for example, for minor repairs), and typically requires that the landlord be provided with adequate notice prior to its use.
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A person who is buying a house generally cannot be evicted in the same manner as a tenant. A tenant who is renting a home is not responsible for making repairs. If a seller is trying to evict you, you should contact an attorney right away. Many people who sign rent to own agreements end up evicted and lose all the money they put into the home!
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when renting to own a house who is responsible for repairs It is important to be responsive to potential tenants – they have a choice in selecting a unit and the landlord is a service provider. We may also provide tools to allow interaction between the Site and a third party site, such as a Social Media Site.
A Rent to Own contract is comprised of a Lease that gives the Tenant/Buyer the right to pay rent and occupy the house for a stated period of time, along with an Option that gives the Tenant/Buyer the right, but not the obligation, to buy the property at some stated price for a fixed length of time called the Term.
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Unlike a traditional lease, in which the landlord is typically responsible for making all repairs, rent-to-own tenants usually repair the rental property at their own expense. Many landlords and tenants consider this a fair bargain since, presumably, the tenant will eventually own the home.