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Ask socallegalwork Your Own Question
socallegalwork, Lawyer
Category: Real Estate Law
Satisfied Customers: 144
Experience:  Attorney and licensed real estate broker (and Certified Distressed Property Expert), specializing in real estate matters.
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I have an option to purchase a property... I have an option

Customer Question

I have an option to purchase a property...
I have an option to purchase a property that we are currently renting, it was clearly stipulated in the original agreement we have the right to purchase for 150k within 2 years of Jan 2015, my landlord is refusing to comply am i in the right
JA: Because laws vary from place to place, can you tellme what state the property is in?
Customer: MD
JA: What are the terms of the lease? Any issues related to maintenance or upkeep?
Customer: I've made 40k in improvements and landlord is to credit all rents towards purchase price
JA: Anything else you want the lawyer to know before I connect you?
Customer: This guy is a cheat and a scumbag
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  socallegalwork replied 8 months ago.

Hello. I believe I can assist you.

You have a contract with an option to purchase. As long as the contract is still in in force, you have not materially breached the contract, and you follow the procedures specifically laid out to exercise your option then you can pursue an action for breach of action seeking an order to enforce the contract (enforce the provision requiring the landlord to sell the property pursuant to the option).

You should review the contract, however, to see if it sets forth procedures to resolve this dispute- perhaps it requires you to undergo binding arbitration, for example.