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LegalKnowledge
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 16689
Experience:  8+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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As a landlord leasing with the option to buy does the landlord

Customer Question

As a landlord leasing with the option to buy does the landlord have the right to change their mind to sell
Submitted: 1 year ago.
Category: Legal
Expert:  LegalKnowledge replied 1 year ago.
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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LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 16689
Experience: 8+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
LegalKnowledge and 13 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

Isn't it the paralegals job to make sure his client understands these terms

Expert:  LegalKnowledge replied 1 year ago.
Who drafted the legal document? Was an attorney retained?
Customer: replied 1 year ago.

No an attorney wasn't' on retainment. Sorry I'm not sure that's the proper way to ask the question

Expert:  LegalKnowledge replied 1 year ago.
Where did the lease to own agreement come from?
Customer: replied 1 year ago.

The paralegal drew it up

Expert:  LegalKnowledge replied 1 year ago.
The paralegal who you retained should have gone over it with you, to see if you had any questions and concerns. At the same time, you as the owner and landlord, should have read and understood the terms and conditions stated within, before accepting it and presenting it to the tenant to sign. Once you signed it, you acknowledged that you read and understood the terms and agreed to them.

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