It is whatever you agree upon. You can either decide on a percentage or an exact dollar amount. But whatever you decide, let the buyer know that if lease payment is late, any credit due that month is forfeited. 3 lateness within the lease period forfeits all rental credits that would apply to his downpayment. Failure to take care of the property forfeits rental credits as well. You want to train the buyer and let him know that you're treating him as if he already owns the home. Therefore he needs to take care of the property and make his payments on time just like he would once he obtains a mortgage in the future.
--- In [email protected], "painisgone" <[EMAIL PROTECTED]> wrote: > > I am planning to rent out my new second home. > The renter wants a lease for a year or two with an option to purchase. > He wants the lease payments to apply to his downpayment in the future. > Is this usually done this way or is a smaller percentage usually > applied? > Thanks > Richard > ------------------------ Yahoo! Groups Sponsor --------------------~--> Get fast access to your favorite Yahoo! Groups. Make Yahoo! your home page http://us.click.yahoo.com/dpRU5A/wUILAA/yQLSAA/iiEolB/TM --------------------------------------------------------------------~-> Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
