What is the average percentage of rent that would go toward the down payment for a house with a land contract agreement?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the average percentage of rent that would go toward the down payment for a house with a land contract agreement?
Asked on December 4, 2012 under Real Estate Law, Ohio
Answers:
eric redman / Redman Ludwig, P.C.
Answered 11 years ago | Contributor
you need to figure what a normal rent would be for the property. the landlord should get that. any amount over the normal rent should be applied to purchase price and maybe 10% of the normal rent figure also.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.