Breaking The Lease Without Penalty May Be Impossible
Once you sign a lease for an apartment or house rental, you are responsible for fulfilling the terms of your lease. If you want to leave before the lease ends, you will usually have to pay some form of penalty. You are also responsible for any damages, according to the terms of your lease. If you…
Selling As A Rent-To-Own Or Installment Sale
An installment sale means selling the property to a buyer in stages. An installment sale offers seller financing, gives the buyer interest in the house but leaves the title with the seller until the buyer has paid in full.
Where can you find information about a lease purchase option when selling a home? What's a good term for a lease option? How does a lease option work? Here are the answers to questions about lease options as a way to sell your home.
Using Security Deposit To Cover Renter's Damages, Unpaid Rent
When you enter into a lease, you are entering into a contract for the specified term in the document. If the tenant fails to pay rent for the time indicated in the lease, he or she will is still responsible for the rent for the months that the apartment was vacant during that time period. In most…
Rental Property Damage: Hire Attorney Or Sue In Small Claims Court
A couple who owns rental property asks for advice on what to do about renters who signed a new contract and then moved out leaving significant damage. The couple could hire an attorney or sue them in small claims court for the rent and damages sustained to the rental property. They could also put a…
Lease Or Own Land: Depends On Primary Residence Or Vacation Property
Deciding whether to lease our own land depends on whether the property is going to be a primary residence or vacation property. A reader wants to "purchase" land that Georgia Power owns, but it's a 99-year lease, instead of actually owning it. Ilyce explains that a 99-year land lease means that…
Lien Protects Personal Loan For Home Financing
If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be…
Consider Lease Purchase In Tough Housing Market
If you're trying to sell your home in a tough housing market you might consider offering a lease purchase. In a lease purchase the seller rents the property to a tenant who may later buy it. The tenant puts down a non-refundable option fee which goes toward the purchase of the home. Learn about how…
Lien Waiver Offers Protection For New Construction Buyers
A lien waiver is a legal form that builders and suppliers fill out indicating that they have been paid in full from a job and that they waive any right against the property they worked on or delivered materials to. If building a home, you should make sure you get the lien waiver from the supplier…
Terms In Lease Will Outline Landlord's Rights
Lease terms dictate what a tenant can and cannot do to a rental property. As a landlord that has damage done by a tenant, his best recourse is to keep the security deposit. Most leases will provide that the tenant can't alter or modify the leased home without the landlord's permission.
Rent-To-Own Agreements Not For Everyone
First-time buyers who can't quite afford to own a home often look for rent-to-own properties, also known as lease/options. You just want to make sure you're not getting scammed if you opt in to a rent-to-own agreement. There are also owners that take advantage of their tenants in a rent-to-own…
To be a successful landlord, you must have the temperament and financial wherewithal to handle the problems associated with renting property. Unfortunately in a slow real estate market, many homeowners are forced to rent their homes when they cannot sell. Make it a goal to sell your property as…
Lease Might Be Better Option Than Life Estate
A life estate might be an option for this neighbor. But a lease might be a better solution and be easier to deal with. Here's why a lease might benefit both sides more than a life estate.
How To Get Lien Released From Mortgage Company
A homeowner asks how to get a lien released if the mortgage company was bought out by another company. There should be a surviving mortgage company that continues to have the obligation to release the lien. The homeowner should be able to find out who purchased the mortgage company and call the…
Refund On Lease/Option Agreement
A young couple had agreed to a lease/option agreement on a new home. After the death of the young woman, the husband is wondering if he can get a refund of the option amount they had paid toward the lease. Lease/option payments are typically non refundable, but a real estate attorney may be able to…
Happy New Year everyone!
The New Years is a perfect time to make some personal finance resolutions that will change the course of your financial life. On tomorrow's show, I plan to talk about some of the things I've done this week that I hope will make my finances better next year.
Also, if you're…
Lease With Option To Buy In 3-Unit Building
A lease with option to purchase can be a good solution for both seller and tenant. But how would a lease with option to buy work for one unit in a multi-unit property?
What do you do if you've purchased a new home but are unable to sell your old home? You could decide to lease or rent it. If you do that, you have to consider the primary residence tax exemption. To be sure whatever type of lease you sign covers all your concerns. Talk to a real estate attorney to…
A renter had his lease transferred from a two bedroom to one bedroom apartment. Now that he has moved out, the landlord is insisting he owes one month of rent. The renter needs to look at his lease to see what terms he and the landlord agreed to.
An Inventor's Paradise: Solving Problems With New Releases From the 2006 Housewares Show
Finding a product that can make someone's life easier is the genesis for many of the inventors at the 2006 Housewares Show, held recently in Chicago. Products at the Housewares Show often came from something the inventor did to solve his or her own problems. Here are a few cool things being shown…
A building owner is thinking about building a commercial office and selling it with a lease to sell agreement. Rather than leasing it, holding onto the building could bring tax benefits for owning commercial property. Using a "lease with the option to buy" could also be an incentive to get…
Buying A Property In Foreclosure
A home buyer is determined to purchase a specific home that is in probate and foreclosure. With all of the real estate on the market, this home buyer shouldn't be so stuck on buying a foreclosure home with so many problems. However, the lender might be able to work with the home buyer and homeowner…
Understand Purchase Contract Contingencies
In purchase contracts with contingencies, like financing contingencies, sellers will often insert a "kick-out" clause. The kick-out clause means the seller can accept your offer, but if a better or "cleaner" (meaning without contingencies) offer comes along, the buyer has a limited period of time…
Automobile Lease Affects Mortgage Loan
When you apply for a mortgage loan, the mortgage lender will look at all of your debt, including student loans and credit card debt. If you lease a company automobile and it's in your name, that could also affect your mortgage loan application. Aside from the way the company automobile may be…
If a lease doesn't discuss what it will cost to break it, is the landlord able to set the price to terminate the lease? Or does it mean that you can break the lease without any consequences?
