For Sellers / Landlords:
- Who will tend to the property and pay for routine maintenance?
- Who pays for major repairs?
- What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
- Will you manage the property yourself, or hire an agent?
- What is the cost of hiring an agent?
- What if the renters change their minds? Who keeps the money in the escrow account?
- If the buyers change their minds, what will be required to put the property back on the market?
For Buyers:
- How much is the monthly rent vs monthly mortgage payment for a similar home?
- How much are the annual taxes, insurance, HOA fees … needed to be considered?
- What will it cost you to get out of the deal?
- How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?
- What the the closing costs involved and how much would it be?
Source: REALTOR® Magazine Online.
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