Tag Archives: refundable

Worried about the status of a lease purchase option.?

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?

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Will I have to pay capitol gains on a property I just bought but lived in for two years with a lease-option?

two years ago a friend and I bought and moved into a house together with a tic agreement, and then we created a lease option agreement between us that I would buy his share of the house after two years. This was a contract between him and I and it wasn’t notarized. I gave him a non-refundable down-payment and I pay the mortgage. Now as am am about to get the financing to buy his share out-right. Then I would like to sell the house. Will I have to pay capitol gains tax on profits from my partner share that he sold to me, considering I only just outright bought the house, even though I have lived there for two years and agreed to buy it two years ago and payed him some then and payed the mortgage since?

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