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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116756
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Ipresently own pro[perty and someone is currently living in

Customer Question

ipresently own pro[perty and someone is currently living in the house with no agreement with option to buy I need to write a letter stating that I have reduce the price at a discounted price for the updgrades made on the house.
What is the legal terms to use in a letter to be binding
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

You need to have a signed contract with him, not just a letter. Your letter can state something to the effect:

I, your name, agree to sell, and his name agrees to buy the residence and property located at address. The option to buy shall be valid from the date of this signed agreement until date. The price of the option to buy shall be X, which has been discounted from Y based on upgrades made by his name to the property. This option shall expire at midnight on date.

You both need to sign it and it does not have to be notarized but you should at least have a witness sign as well.

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