How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask N Cal Atty Your Own Question
N Cal Atty
N Cal Atty, Lawyer
Category: Legal
Satisfied Customers: 9300
Experience:  attorney at self
9653905
Type Your Legal Question Here...
N Cal Atty is online now
A new question is answered every 9 seconds

Owner finance questions

This answer was rated:

I live in Anchorage Alaska and have questions concerning renting out and or owner financing my house. I would like to rent out the house instead of selling outright (have a 3.0% rate). I would like to know what legalities or legal procedures are recommended. What type of contract and terms are appropriate etc. 


           I know these are rather ambiguous questions. Also, is it legal to demand a credit reports, employment verification, background checks, sex offender etc. and references. I would think (excluding sex offenders/references) these wouldn't be illegal, after all, the bank routinely requests this. Anyway, I am want to minimize potential risks and liabilities. Thanks - P.S. I'll probably be asleep in about 30 mins. 

The legalities and recommended procedures are covered in
http://courts.alaska.gov/forms/pub-30.pdf

If you do not already have one, you will need a Certificate of Occupancy, see Section 107 of
http://www.muni.org/Departments/OCPD/development/BSD/2009%20Building%20Codes/CHAPTER23.10.pdf

http://wikiform.org/legal-forms/real-estate/rental-lease-agreement/alaska/ links to both a sample lease form and a sample month to month rental agreement form designed for Alaska. Many office supply stores and real estate offices also sell preprinted lease forms. There is another one posted at
http://www.bbha.org/BBHA%20Forms/Rental%20Lease%20Agreement/Lease%20Agreement,%20form%20between%20individuals.pdf

It is also very probably a requirement of your homeowners insurance policy to notify the insurer, and you will probably be required to get a landlord's insurance policy instead of the homeowners policy I assume you have now.

You can get a free consultation from some of the local landlord-tenant lawyers listed here.

Please let me know if you require additional information prior to rating my answer.

I hope this information is helpful.
N Cal Atty and other Legal Specialists are ready to help you

Thank you for the Excellent rating, and thank you very much for the bonus!

Related Legal Questions