Who pays for repairs on l/o - Posted by linda

Real Estate Investing
#1

Posted by linda on April 18, 2002 at 06:59:59:

I didn’t mention where it was stated because I’m trying to fit it into the contract. I’ve been rushed to get this together (this is same house referenced in the “conundrum post”)

Fortunately this house has NO appliances and I’ve already had it rewired, had the furnace serviced and the roof is being replaced by the city. I don’t even know what else would constitute a repair. It was just a question for discussion and for when this comes up in the future. (+ I can see these people could become a problem if I don’t have EVERYTHING spelled out.)

Linda

#2

Who pays for repairs on l/o - Posted by linda

Posted by linda on April 17, 2002 at 22:45:58:

Who pays for the repairs on an AS/IS Lease Option? In the contract, I put that it’s AS IS so it’s the Tenant/Buyers responsiblility. Does this seem right?

Linda (ohio)

#3

The weaker negotiator (nt) - Posted by JoeKaiser

Posted by JoeKaiser on April 18, 2002 at 24:54:08:

.

#4

Re: Who pays for repairs on l/o - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on April 18, 2002 at 24:15:41:

A lease with a tenant, means you are still the landlord and have to keep the place in livable condition. The tenant’s option to purchase, has not been excercised yet and are just renters with an opportunity to buy at a future date.

However, you could write up in the lease that the tenants have to do repairs up to something, or whatever you want to have them be responsible for. As long as it is legal in your area.

A simple ‘as is’ statement to a tenant, probably wouldn’t hold too much weight. You haven’t specified what they have to repair if anything. Basically, as is seems to broad for this context.

You don’t mention if the ‘as is’ statement is in the lease, option, or a P&S agreement.