Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
Good morning. I certainly understand the situation and your concern. The lease
with the option to buy is a legally binding contract
/agreement, signed and entered into by both parties. As such, if the terms and conditions allow the tenant to exercise their option to buy the home, you can not change your mind about the sale and back out. In a typical lease option contract, terms include the purchase price on the property, the expiration date of the purchase option, and the percentage of rent that will go towards the price of the home every month. All those factors are part of the agreement and were used and relied on by the tenant, prior to signing and taking possession
. For you to be able to just change your mind, absent their consent or language within the contract, would essentially be changing the terms of the contract which was why they likely entered into it, to begin with. In a situation like this, always re-read the contract and see if there is a clause or an option you can exercise to back out, prior to the expiration date and if not, speak with them about an offer to get them to walk away.
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