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Attorney & Mediator
Attorney & Mediator, Lawyer
Category: Real Estate Law
Satisfied Customers: 20012
Experience:  Lawyer,Former Broker and Just Answer Legal Mentor
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In May, 2010 we converted an original 2 year lease option to

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In May, 2010 we converted an original 2 year lease option to a 1 year lease on a condo in Ohio. The landlord owed us $4297.50 back from the purchase option. We placed $2330.00 for security deposit and reduced our monthly rent by $164.00 for 12 months to cover the balance that he owed us. One week after we signed our landlord signed the condo, 11 others, the clubhouse & pool over to the bank in Lieu of Foreclosure (unknown to us this had been in the works for months and the landlord & bank were waiting for our lease option to expire). In June we recieved a letter from the bank stating that they would honor the terms of our lease. We signed nothing with them. On September 5th the clubhouse, exercise room & pool, which we used daily, were closed permanently. The HOA & bank couldn't work out an agreement, so we are now paying large HOA dues for services that we don't have. Our lease which we feel was misrepresented expires on May11th. We would like to vacate now. We are willing to walk away from our security deposit and the aditional moies owed in reduced rent, as we've been told is a near impossible to get the money back from the bank. My question is, since we didn't have a written agreement with the bank and the original lease terminated when the landlord lost the condo, are we bound by the terms of the lease?
You would be bound when the bank agreed to accept the terms of the existing lease as you did not object at the time the bank made these announcement. Your conduct of staying without objecting is evidence that you accepted the bank taking over as landlord. This would be their evidence if a court of law where to hear this case. If it is at all possible ask the bank to release you from the lease given that you wish to waive your deposit and additional monies they have from you. You are entitled to the deposit if you have not damaged the property. The bank cannot keep the deposit unless they present proof of damages beyond the normal wear and tear.

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