In a l/o deal where I bring someone who wants to lease to a home owner, and charge and collect the option fee, along with receiving monthly rents and sending the owner the amount he and I agreed upon, what happens if the renter loses his job and defaults. Am I still liable for the payments since the agreement was between me and the owner? Or maybe, I have this all screwed up. Please advise!
Hi,
You are responsible for the payment since you are the A - B transaction!
GR
Thanks! That can get a little sticky with evictions, etc. So, how do you do the deal where you just bring the renter and charge a fee?
get your broker’s license or assign your option
Thanks!