Questions about owner financing a lease purcahse

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Icon Mini Profile dajnthpltt

Joined: 11 Jan 2010

Posts: 1

1.31 Dollars($)
Post Posted: Mon Jan 11, 2010 11:51 am    Post subject: Questions about owner financing a lease purcahse

With owner financing on a lease purchase agreement does the person leasing pay all utilities, taxes and inusrance? Are they also responsible for any upkeep of the house if something needs replaced or repaired? We are considering this option but I want to make sure we don't get stuck with any extra expenses if someone is purchasing the home but the mortage is still in our name. Thank you.

If it matters the property is in Arkansas.
Icon Mini Profile smithsussane

Joined: 18 Sep 2008

Posts: 12593
Location: Alaska
1309.02 Dollars($)
Post Posted: Mon Jan 11, 2010 7:21 pm    Post subject:

Hi dajnthpltt!

Welcome to forums!

You've signed the lease purchase agreement with the buyer. As they will ultimately takeover the property from you, you can ask them to upkeep the property and do the required improvement on the property. However if you wish, you can share the costs with the buyer.

Feel free to ask if you've further queries.

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