I wanted to resurrect this topic for the purpose of selling an RTO property to my RTO tennant in Ontario - Toronto to be more precise.
Can anyone help with what forms and process to use?
The RTO tenant wishes to buy, but is looking to me to define the process and guide him.
Also, I have some additional questions:
1. Should I use a lawyer for the transaction to do the closing on my side, i.e. the seller side?
2. Sould the RTO tenant have his own lawyer?
3. The monthly Option deposits collected over the 3 years: What is the typical and accepted method of giving these back to the tenant.
I assume I pay nothing to the tenant out of pocket, but instead credit the accumulated credits toward his down-payment, I.e issue a cheque payable in trust to his lawyer. Is there anything I should be careful about in this transaction?
If the tennant's mortgage institution asks where the downpayment is coming from, I assume he can tell them it's coming from me, and they ought to accept that.
It's my first RTO sale so I have growing pains. I will appreciate any and all help.
Can anyone help with what forms and process to use?
The RTO tenant wishes to buy, but is looking to me to define the process and guide him.
Also, I have some additional questions:
1. Should I use a lawyer for the transaction to do the closing on my side, i.e. the seller side?
2. Sould the RTO tenant have his own lawyer?
3. The monthly Option deposits collected over the 3 years: What is the typical and accepted method of giving these back to the tenant.
I assume I pay nothing to the tenant out of pocket, but instead credit the accumulated credits toward his down-payment, I.e issue a cheque payable in trust to his lawyer. Is there anything I should be careful about in this transaction?
If the tennant's mortgage institution asks where the downpayment is coming from, I assume he can tell them it's coming from me, and they ought to accept that.
It's my first RTO sale so I have growing pains. I will appreciate any and all help.