So I have a possible tenant that is interested in renting to own my property.
I’m new to this option, what all should the tenant pay for if they do want to go forward with the option to own?
Jordon, You may want to seek advice from a good real estate attorney in your area. You want to make sure that your contract does not put you in a position that the tenant can have any claim on the property before they purchase it.
Jordan, when you ask what the tenant/buyer should pay for what specifically are you referring to?
Initially, they aren't paying for anything other than the monthly rent and utilities, as with any standard rental. Until they exercise their option that's what they are. . .tenants. Now, if they do in fact exercise their option to purchase, that's where the specifics need to be spelled out as to who pays what, as in any purchase and sale. You are guided by your negotiating skills and state and local laws.