Lease Option Utilities Question
Since the utilities for a house will be in the Seller's name initially, do you have them turned off and then turned back on in the tenant/buyer's name? Thanks in advance for your responses.
I would suggest you ask the sellers to leave it in their name for a few days and then you can put them in the buyers name if you have found one already.
Perhaps you could even get the sellers to leave it in their name until you get it sold and you just give them the money for the bill.
If the place is subject to possible pipe freezing you will of course want to leave the utilitys on.
I would put the utilities into the tenants name. If you are the buyer and you are buying on L/O you can change the utilities from the seller to your T/B if you are leasing it out again.
The day I take possession of a property it's complete. The seller's were treated fairly-but I doubt that they are doing hand -springs. I think that it's rubbing salt in their wounds by having them continue to be reminded of the property and the uncertainty of being reimbursed by you or your tenant. I let them get on with their life and start anew.
It's a lillte bit more expensive/involved transferring the utilites first to me and thence to the tenant, but I think it's the best procedure.