I entered into a lease purchase option in June. The property is still under construction & available Nov. 1. The seller is having trouble with the terms of his mortgage & wants me to get a mortgage now. I can’t due to credit issues. At first he offered a refund of my sizeable deposit, but now he says that the terms of his mortgage might not change, but Nov. is fast approaching and he won’t know for 2 weeks if he can close on the property. He also stated that my monthly payments might have to be higher than on the contract. I cannot pay more. I need my deposit to look for another place. The original agreement is in writing & states the lease/purchase commences on November 1. Do I have any legal recourse to get a refund of my deposit (the contract states it is non-refundable), since the seller does not currently own the property, there are no other witnesses on the contract and I don’t think his lender knows of his intention to lease option the property?
What is the procedure, risks & other details of purchasing foreclosure homes.
My husband and I are considering purchasing land with existing water, electric and propane and building a yurt. I have looked at 3 companies so far; Pacific Yurts & Colorado Yurt Company for Canvas Yurts and Oregon Yurt Works for wood two story yurts. Any info about living in a canvas or wood yurt, sellers, financing, pricing for the yurt works wood designs, and total expenses when all is said and done; plumbing, electric hook-up, deck & foundation construction etc…
… Or could just saving just about that much amount for a down payment just about the same?
Thanks firemedi & lisalaub. Firemedi, I’ll email you, thanks for leaving me answers to my questions. You all have a good night.
Person A owns the home and offered person B a "Lease to Own" option. The lease to own option states:
1) Person A wants person B to pay %50 of the property taxes during the lease period. Person A will add person B to the title of the home so that person B can claim the mortage payments & property taxes as a credit at the end of the tax year. However, person B is not on the loan.
2) When person B excersices the purchase option at the end of the lease term, the purchase price will be the balance on the mortages + any outstanding taxes owed on the property such that person A can leave the transaction without owing anything.
If person A defaults on the mortage/loan and forecloses, what does that mean for person B? Will person B also be liable for the loan?