Should You Allow Buyer To Rent During Closing?

Written by Mark Walters


Continued from page 1

If you must rent then you must carefully prepare a lease agreement. No handshake deals allowed!

Ifrepparttar buyer/renter refuses to closerepparttar 135638 deal for any reason,repparttar 135639 only way you can get them out ofrepparttar 135640 property is if you have a rental agreement that gives yourepparttar 135641 right to evict. It must also be a short term lease, so there is no misunderstanding aboutrepparttar 135642 buyer/renter remaining inrepparttar 135643 property ifrepparttar 135644 deal goes bad.

Inrepparttar 135645 purchase agreement you must spell out exactly, in a dollar amount, what repairs or improvements you will pay for. The agreement should indicaterepparttar 135646 buyer has had an inspection period and is buying subject to your limits on repairs and costs... now and inrepparttar 135647 future. If legitimate defects are found inrepparttar 135648 property duringrepparttar 135649 rental period you can negotiate a solution.

You must collect sufficient security deposit to cover rent and potential damagerepparttar 135650 renter/buyer might inflict uponrepparttar 135651 property.

Look, if for some reason you feel you must accommodaterepparttar 135652 buyer duringrepparttar 135653 closing period… pay for a motel room. Chances are it will be far cheaper inrepparttar 135654 long rund.



Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com


The Real Estate Disputes And Partition

Written by Mark Walters


Continued from page 1

The court will hold a hearing to "determinerepparttar share of interest inrepparttar 135637 property sought to be divided of each ofrepparttar 135638 owners or claimants, and all questions affectingrepparttar 135639 title..."

In other words... when those who have an undivided interest in a property can't agree on disposalrepparttar 135640 court can do it for them.

Here's another example of partition in action:

If an ex-wife or ex-husband refuses to sell their home or deed their interest torepparttar 135641 other (andrepparttar 135642 real estate is not mentioned inrepparttar 135643 divorce decree)repparttar 135644 only wayrepparttar 135645 home can be sold is through a partition action. When a husband and wife buy a home together, they own it as "tenants byrepparttar 135646 entirety". Uponrepparttar 135647 death of one spouse,repparttar 135648 surviving spouse automatically becomes sole owner ofrepparttar 135649 property. This is known asrepparttar 135650 "right of survivorship".



Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com


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