Real Estate Law

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I'm in a lease option to buy contact I would like to get out…

I'm in a lease...

I'm in a lease option to buy contact I would like to get out of it how do I go about it

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No trying to figure it out out now so I have all my ducks in a row

Lawyer's Assistant: Where is the property located?

Evansville Indiana

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Newburgh Indiana

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Answered in 1 minute by:
3/28/2018
Nisha Jones
Category: Real Estate Law
Satisfied Customers: 2,598
Experience: Managing Attorney at Nisha Jones Law, LLC
Verified

Good afternoon, I am an attorney expert with the JustAnswer website, and former Prosecutor for the State Attorney's Office. I have a near 100% customer satisfaction rate, and I'll be answering your questions today. JustAnswer provides general legal information only and does not constitute legal advice. Please allow me just a few minutes to review your question, thank you!

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Does your lease contain an early termination clause?

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Customer reply replied 29 days ago
Ok

Does your lease contain an early termination clause?

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Customer reply replied 29 days ago
Not that I have seen

How long was your lease term contracted for?

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Customer reply replied 29 days ago
30 years

My apologies for any inconvenience, but I'll need to opt out of your question, and another attorney expert can assist you.

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Customer reply replied 29 days ago
Ok thanks
Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 4,233
Experience: Helping you with your legal questions.
Verified

Hello. My name is***** am an attorney.

Is this for a piece of real estate such as a home. Are you the tenant in the home or the seller of the home. You say is for 30 years. Have all payments been made? Possibly, you can expand on what is happening. It may be hard to get out of the lease but we can explore more about it.

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Customer reply replied 29 days ago
In is for a home in a park and I am the buyer and I've only had it for 2 years

I see. Hold, please.

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Does the agreement state what happens if you default on the payments?

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Customer reply replied 29 days ago
Did you get the files
Customer reply replied 29 days ago
I sent

They are too hard to read because they are sideways. But section 11 B says what can happen if you default. It's too hard for me to read. In any event, that provision appears to set forth what will happen.

If you want to discuss this more, let me know. If you want to attempt to write that provision so I can read it, you can do that also.

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Customer reply replied 29 days ago
Upon the occurrence of any default listed above lesser May exercise any and all of the following remedies lesser may use traditional processes repossess the manufactured home and thereafter remove and store any of the lessees personal property and lessees expense lesser made terminate the lease as of the date of such default and declare all rent which would have been do Under the balance of the term to be immediate due and payable whereupon lessees shall be obligated to pay the same to lesser together with all loss or damage with lesser May sustained by reason of such termination including but not limited to attorney fees advertising releasing costs and expenses it be expressly understood that agreed that the liabilities and remedies specified in this subsection shall survive the termination of the lease or lesser shall have the right to all damage and exercise All rights and remedies available at law or in equity and not exclusive

Okay. So, it looks like the worse case scenario is that the buyer would be responsible for the whole amount of the rent throughout the lease term and also fees and costs.

That amount could be mitigated (meaning lessened) if there is someone who is willing to purchase the property. And the plaintiff would have to prove damages. Also, the return of the property would offset some damages it would seem. There could be some defenses also, as the agreement is rather unconscionable (not reasonable). Still, this would all have to be determined in court.

So, it will be at the discretion of the Judge how much you would be responsible to pay.

It would be nice if you had someone to take it over or if you could work out something with the seller.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

Damien Bosco
Damien Bosco, Attorney
Category: Real Estate Law
Satisfied Customers: 4,233
Experience: Helping you with your legal questions.
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Damien Bosco and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 29 days ago
Ok thanks I will

You are welcome.

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Damien Bosco
Damien Bosco
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Category: Real Estate Law
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