Posted by Mary(WI) on January 21, 2003 at 23:19:22:
Thanks for the response John.
As always all your contributions to this great web site are much appreciated.
Mary
Maintenance and repair clause in L/O contract - Posted by Mary(WI)
Posted by Mary(WI) on January 15, 2003 at 11:47:01:
Hi Jon,
I’m putting together a lease option contract between the prospective landlord/seller and the tenant/buyer so I can start doing L/O deals. I’m trying to come up with the correct wording or legalese for the maintenance/repair clause in the contract. I’m reading the book by David Finkel and Peter Conti “Making Big Money Investing in Real Estate”. They suggest that the tenant/buyer be responsible for the first $200.00 in repairs each month. The landlord/seller would be responsible for any amount over $200.00. I would like this clause to cover the tenant/buyer with some type of recourse in case the landlord/seller chooses not to pay their share of the expenses.
I appreciate any help that you may give. Thanks in advance.
Mary(WI)
Re: Maintenance and repair clause in L/O contract - Posted by JHyre in Ohio
Posted by JHyre in Ohio on January 16, 2003 at 07:59:47:
Off the top of my head, something like:
“Any repairs or other expenses required to be paid by the landlord and not so paid within a reasonable time, not to exceed 30 days, may be paid by the tenant at tenant’s option. Any such expenses paid by the tenant shall constitute rent paid by the tenant in lieu of normal rent payments. Any rent paid by the tenant beyond the term of this agreement shall be refunded to the tenant upon the expiration of this agreement.”
John Hyre