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Recent Lease Option questions

Are you familiar with Lender Licensing laws, Ok, I have

Good afternoon. Are you familiar with Lender Licensing lawsJA: No. I'm the Real Estate Lawyer's Assistant.Customer: OkJA: Where is the property located?Customer: I have property in several statesJA: Has any paperwork been filed?Customer: Not as of yet. I'm curious if I even need to become licensed as a lender as we are doing contract for deed transactions on properties we ownJA: Anything else you want the lawyer to know before I connect you?Customer: No ma'am

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Legalease

Attorney At Law

Doctor of Law w/ highest honors

15,042 satisfied customers
Thanks for the lease option, i'll look into it more to see

Thanks for the lease option David, i'll look into it more to see if it makes sense, we kinda need some renovations also before moving.The other thing that i am lost at right now is how to get the seller to agree on a closing date. Like i mentioned earlier and as you'll see in the attached document here. My response to seller is being ignored by him and he's choosing not respond. How do i handle that situation and twist arm him into agreeing on my terns? The other question i also had was, what if i don't sign the addendum and both parties just remain inactive for the next few months, can he push me out of the contract somehow? Also on the IRS liens, i don't think the seller has any chance to get money from the deceased dentists estate since it couldn't pay to IRS and that was the reason the house was sold by the county sheriff in an auction earlier. Btw, the seller never even bothered to share all this history, this is what i ended up finding out after digging on google.

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David Stewart

Vice President Legal Affairs

Juris Doctor

190 satisfied customers
Our responses might have crossed each other in parallel. The

Our responses might have crossed each other in parallel. The lease is certainly an interesting option. However, before we were thinking of moving in we wanted to really do some amazing renovation work since its a gorgeous waterfront property. So i don't think the renovation might be possible on a lease. Thoughts on this? Thnx again.

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David Stewart

Vice President Legal Affairs

Juris Doctor

190 satisfied customers
We signed an Exclusive Right to Sell contract. We are moving

We signed an Exclusive Right to Sell contract. We are moving to Arizona in 3 days and have decided to accept a Lease with option to purchase agreement. Therefore we requested to be released from our Exclusive Right to Sell contract and agreed to pay the realtor/broker $500 for services performed to date. The real estate form sent us a Can cellation Agreement that states if we sell the home within the original contract dates of 8/5/2016 through 2/5/2017 we are still obligated to pay commission fees. In addition to that, the contract also states that if a sale is made directly or indirectly within 180 calendar days after this Contract terminates to anyone to whom the Property was shown or submitted during the term of this Contract and whose name BROKER has submitted to SELLER in writing prior to the expiration of this Contract, the Commission and Other Compensation shall be due and payable to BROKER. However, SELLER shall not be obligated to pay the Commission and Other Compensation if a valid Exclusive Right To Sell Contract is entered into during such period with another licensed real estate broker and the sale of the Property is made during such period, unless said exclusions have been added to a subsequent Exclusive Right To Sell Contract. The terms “purchase” and “sale” as used herein shall include any agreement to transfer all or a substantial part of SELLER'S interest in the Property, including a Contract for deed, a Contract for sale, a lease, a lease/option Contract, and a shared equity Contract.We don't want to pay $500 and then if the house sells within the next year we still have to pay the commission to the broker. Therefore, my question is should we should ask to terminate the original contract? The "release" they sent us only releases them and not us.Thank you,Janice

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Loren

Juris Doctor

37,154 satisfied customers
I have two questions. The first question: I live in an

I have two questions. The first question: I live in an apartment and have lived there for 2 yrs. The rent has been raised 3 times since I've lived there. I "reluctantly" sign another 1 yr lease the end of April 2016 (w. effective date of July 2016) because they offered me an "early" bird special saying I would save $25.00/mo under the new lease. They increased the rent $50.00 /mo. on after the Early Bird discount bonus. Was given a short time to make my decision (5-7 days). I told the apartment front office rep that I felt the rent was too high and really didn't want to sign another year least and stay another year.I was not given any other options (i.e. like ...sign month to month rates, 6 mo. /9 mo. lease options) during my conversations with the front office. So, April 28, I signed the lease w. rent increase starting August 1, 2016. Visited the front office on, August 5 to let them know I would be moving. Was told I had only two options. First, option was to pay a "buy out " fee of $2,704.00 to be "paid" the same day you give your notice plus give 60 day notice before moving.I contacted the apartment's corporate office to voice my concerns w. the corporate relations person because no one in the front management office explained and/or gave me any options during our conversations during the last few weeks in April 2016. I was told if I didn't sign the "early bird" offer then my rent would go up expendentially and offer would be taken away. Also, told corporate relations officer that I felt pressured to sign another 1 yr lease so early even when it new lease wasn't to take effect until July 2016.Well, the Corporate Relations person told me that if I had concerns I should contact my lawyer to help me with " the buyout clause" on my apartment lease contract and not front office. I told her that I felt the front office management/rep should be there to help me and give me additional information and/or offers knowing that I wasn't interested in signing another years lease. I felt the Corporate Relations person was "cold" and "just as" insentitive as the apartment's front office team.After looking at my contract. There's no "$$dollar" amount shown on the contract. Just refers lease to another paragraph on the contract. I felt the corporate relations person wasn't interested in how their front office management reps and/or office managers handles customers' concerns.Apartment front office management/ reps want to see tenants sign annual leases and see their money is deposited on the 1st of each month. I have lived here for two (2) yrs and have never missed a payment. On, Sept 5 meeting (to inform front office that I would be moving) met w. apartment manager well within minutes (she) figured out the "buyout fee" within a few minutes during our conversation. This morning (August 30th) the apartment front office sent over 2 guys to do an "early" inspection move out which I was surprised by because I'm scheduled to move on October 18th which is over 6 1/2 weeks from now. Front office did sent me an email on August 23 giving me information about a Move out list on the things I need to do. I called the front office spoke to the manager to let her know that I will be living in DC around mid Oct. because I plan to move my things out before Oct. 18. Apartment manager told me that I didn't need to be the on Oct. 18th and the apartment maintenance guy would be the one making the inspection. But, low and behold today they showed up "talking about there were here to do a pre-inspection move out look and they were seeking bed bugs." I said, really. I let them in and one guy when upstairs ( he had no tools/equipment, etc.) and the other stayed down stairs with me. I have clothes, boxes, etc. on all of my beds. They guy who went upstairs did not approach me to ask me to move anything. He just came downstairs within a few minutes of being there and said ok. I feel this is a violation of my privacy and felt the visit was for something else and not to locate bed buds. I have a business at my house and my files have to be secured at all times and I have informed the front office management that when someone needs to come over I'd appreciate if they could alert me. The email that was sent on August 23 along with the conversation I had with apartment manager a couple of days after that. I was under the assumption that there would be no visits to my home until a couple of days before I move and/or there after. Back to my original question: Do I have the ability to take this apartment management front office and corporation office to "small Claims" court. Because, of the pain and lack of them doing their job to pass on essential information on to me which in the end has cost me "thousands" of dollars? And my second question is "the Bed beg" inspection. I feel this is a witch hunt and invasion of my privacy. What rights to I have ?

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David Stewart

Vice President Legal Affairs

Juris Doctor

190 satisfied customers
Can I be evicted by the legal owner when I'm considered the

Can I be evicted by the legal owner when I'm considered the "equitable" owner and I'm suing the legal owner for ownership of the house?

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Irwin Law

Juris Doctor JD

8,836 satisfied customers
I prefer to speak with a local lawyer, south bay California.

hi..JA: Because laws vary from state to state, could you tell me what state is this in?Customer: I prefer to speak with a local lawyer, south bay California.JA: Have you talked to a lawyer yet?Customer: N0. I have a question and I don't know if this can proceed..JA: Anything else you think the lawyer should know?Customer: it's very simple but very important to me..

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LawTalk

Attorney at Law

Juris Doctor

33,100 satisfied customers
House in Harrisburg - lease option from October 2013 for

House in Harrisburg - lease option from October 2013 for $1200.00 per month with $300 to be held in separate account to be used as down payment or if lease is broken, then it be retained by myself. Appraisal came back at the market value of the selling price. However, came back that the $1200.00 per month was not fair market value and the tenant could not use the funds as the down payment. The bank, Wells Fargo, claims there is a Federal Regulation that states the above is correct and therefore we cannot close on the house - the tenant's application has been denied. Is this correct??

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P. Simmons

Attorney

Doctoral Degree

35,698 satisfied customers
It's a story but hopefully I can simplify, North Carolina,

It's a long story but hopefully I can simplifyJA: Because laws vary from state to state, could you tell me what state is this in?Customer: North CarolinaJA: Have you talked to a lawyer yet?Customer: NoJA: Anything else you think the lawyer should know?Customer: Yes

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texlawyer

Lawyer

Doctoral Degree

7,460 satisfied customers
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