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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Landlord-Tenant
Satisfied Customers: 10568
Experience:  Commercial and residential leases in NY & NJ & US
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I have an option to purchase a property that we are

Customer Question

I have an option to purchase a property that we are currently renting, it was clearly stipulated in the original agreement we have the right to purchase for 150k within 2 years of Jan 2015, my landlord is refusing to comply am i in the right
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: MD
JA: What are the terms of the lease? Any issues related to maintenance or upkeep?
Customer: I've made 40k in improvements and landlord is to credit all rents towards purchase price
JA: Anything else you want the lawyer to know before I connect you?
Customer: This guy is a cheat and a scumbag
Submitted: 6 months ago.
Category: Landlord-Tenant
Expert:  Richard - Bizlaw replied 6 months ago.

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

Is there a procedure in the lease that has to be followed to exercise the purchase option? If so have you followed that procedure? Has the landlord signed off on the improvements that you made to the property?

Customer: replied 6 months ago.
Expert:  Richard - Bizlaw replied 6 months ago.

I assume your answer of yes is to all three questions. On that basis you can bring suit to force the landlord to transfer title to the property. To do that you must have the balance of the purchase price available to pay what is due. You would then file suit requiring the landlord to transfer title to you under the terms of the option in your lease. I strongly recommend that you retain an attorney to assist you in this process.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Expert:  Richard - Bizlaw replied 6 months ago.

I sent you the answer to your question a few days ago. If you do not have any additional questions, please highly rate my answer as that is how I get credit for working on your question.

Expert:  Richard - Bizlaw replied 5 months ago.

I sent you the answer to your question a few days ago. If you do not have any additional questions, please highly rate my answer as that is how I get credit for working on your question.

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