Real Estate Law
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We had an agreement that had the agents name on it. The person intending to lease to purchase is living in the house now. The appraisal came in too low for us to clear all costs let alone have any profit. Under the terms of the agreement, the buyer has the right to renig if he can't get financing for the original price. He is therefore backing out and will go to renting month to month.
Will our relationship with the tenant be considered "coming" to an end if he is still in the house and renting it month to month?
But, if he's signing an agreement stating that he no longer has the right to purchase the property pursuant to the lease to purchase agreement, will that be an issue in 90 to 180 days when he then pursues purchasing the property?
Perfect! Will follow up on this end to verify your information. Thanks, XXXXX XXXXX!
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