Q: I am considering offering a rent to own option on my house. Should rent be higher because it goes towards purchase pric
Are the potential buyers usually responsible for HOA fees?
A: You can ask whatever you want. It depends on what buyers in the market are willing to pay. Part of rent can go to purchase price, or not. Totally up to you and buyer to negotiate. Use the Find a Lawyer tab to have a local attorney draft a proper lease/option contract.
A:
This is an issue that can be negotiated but it is important that you expressly state the amount of the monthly payment; the amount that is to be considered "rent"; the amount that is to be paid as principal; the amount that is to be paid as interest, and the amount that is to be applied to any other item.
R.C. Chapter 5313 sets forth the terms that must be included as part of a land installment contract.
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