Vendor finance seller questions

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I am the owner of a duplex pair on one title in Western Australia for sale with the offer of gifted deposit, VF or Rent 2 Buy purchase types. I have had a bit of interest in it since advertising it, so now I need to find answers to a few questions before I proceed.



How do I come to a selling and or deposit figure as a VF or R2B type sale, I am asking $280,000 for a traditional bank type sale, is there a certain percentage used to come up with either figure? I am aware there is likely to be extra legal costs I need to consider with the asking price, but are there any other costs I need to consider?

Would I be better off raising the price of the property or charging a higher interest rate (for tax purposes)??

I am aware the purchaser is responsible for the land and water rates etc, just wondering how this works ie are they billed directly or other, as I understand these bills usually go the the title holder?



If part or whole property is rented out by the purchaser, where do I stand legally should the VF or rent to buy type sale fail? where do I stand with the tenants?

I also question the insurance, as it's all well and good that there is a clause in the contract that buyer proves they have acquired a policy to cover the property, however this doesn't stop them from canceling the policy at any time and I would be none the wiser. I wonder if there is a way around this without having to get my own insurance on the property, also should the buyer rent out either side or both I wouldn’t be able to get landlord insurance which covers malicious damage from tenants etc, as they are the landlord as per rental contract.

Thanks in advance.

 

Are you seeking free legal opinions ?

 

Opinions are always free, no ? Err.. or was it advice.

 

If you are doing rent to buy in Perth ask if you are offering credit to a retail customer.

Call the department of commerce