No One On The Board Can Answer This? C'mon!
Hey board,
On a L/O, the seller/lessee wants an agreement stating a specific amount of $ will be set aside for damages to the property by my tenant....I've negotiated an appraised house of $194k down to $178k.
The payoff bal. is $169.5k. Payable $4250 at new tenant lease inception and the bal. when they excercise their option.
I'll be asking for $8k down....(Gotta get something!)....
Ok, how much do I say/set aside for damages incurred by my tenant (if any)?
and...how should the agreement be constructed?
also: how do I get this $?
I'm thinking stating no more than $2500. in non-wear-n-tear property (damage to carpeting, walls etc.) and only $100. in wear-n-tear property.
Any advice would welcome.
Thanks,
Clif
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Quote:
On 2003-08-22 15:31, pbodys wrote:
Hey board,
On a L/O, the seller/lessee wants an agreement stating a specific amount of $ will be set aside for damages to the property by my tenant....I've negotiated an appraised house of $194k down to $178k.
The payoff bal. is $169.5k. Payable $4250 at new tenant lease inception and the bal. when they excercise their option.
I'll be asking for $8k down....(Gotta get something!)....
Ok, how much do I say/set aside for damages incurred by my tenant (if any)?
and...how should the agreement be constructed?
also: how do I get this $?
I'm thinking stating no more than $2500. in non-wear-n-tear property (damage to carpeting, walls etc.) and only $100. in wear-n-tear property.
Any advice would welcome.
Thanks,
Clif
How much does the Seller/Lessor want set aside? Why are they insistent on anything at all? It sounds like you don't have control of your seller. In your presentation, it should state that you are responsible for any damages, after all, it is you who controls the property. I would be very leery of a seller who is this particular. What happens when they decide to put the screws to you?
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Sorry, forgot 1 other detail. If you do go through with this one with a set amount, it should come out of the T/B Option Consideration. What are you supposed to do with this amount, escrow?
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