Site: nolo.com
... So, when longer option periods are contracted for, landlords and tenants usually agree to re-evaluate ... Alternatively, the landlord and tenant may agree to determine the actual value of the house by appraising ... The landlord then either reserves the escrow funds and refunds the tenant upon purchase of the home, ... A lot is at stake financially for both landlord and tenant, and state and local laws (such as property ... More Information for Tenants, Landlords, and Homebuyers
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