I lost my job shortly after entering into this lease with option to buy. I put ,500 up front and any amount over the rent 0 was to go toward the downpayment. The landlord will not make any repairs. I have paid for all of the repairs and upkeep of the house for almost two years. I have however been late with the rent several times. He has accepted it but continues to charge late fees on a ongoing basis and each month says that he is going to put me out. I have invested all the money that I had into this house and he wants me to move out and he keeps all of the money. I don’t think this is right since I have made all repairs and upkeep to the house since I have been here. Is there anything that I can do legally?
4 thoughts on “I am living in a house that I went into under a lease with option to buy agreement.?”
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Sure! Excercise the option!
An option means that you have the right to buy the house at a certain price, as long as you do not abandon the option or violate the terms of the option. You are real close to losing out.
Quick — find out what your house is worth today and then read your option paperwork to figure out what your option price is. If there is a difference, put the house on the market and sell it, subject to acquiring title. Or you may be able to sell the option. You have to read the terms of the option.
Good Luck!
Leigh M
Portland
http://www.LeighMaynard.com
I am sorry to hear about your job situation, but the reason that landlords write the lease option deals is so the tennant has more ownership responsibilities, because the house may someday be yours. I’m sure that if you check your paperwork you will find that the upfront $2500 option fee was explicitly listed as non-refundable. At least it should be.
Try to pay on time, he has no reason to let you stay if you don’t pay for it. This was the agreement when you went in. It’s lucky you are not dealing with a mortgage company or you would be out already. Sorry to tell you this. But yes it’s legal. Read your paperwork carefully.
This is a common problem with L/O as in some instances it puts you in the position of the home-owner but with limited rights. If the L/O called for the tenant to make all repairs and pay all costs of maintennace then there is little you can do in this regard. However, vis-a-vis the lost job there are several things that you can sit down and discuss with the landlord before going thru the expensive process of a civil suit:
1/ Forbearance agmt – This means that the landlord gives you a reprieve from making payments for a limited period of time, at which time, the unpaid monies do not accrue any penalty or interest. This is very rare but worth asking for if you know you CAN or are GOING TO land a new job in the very near future.
2/ The land lord can attempt to refinance the property thus reducing your monthly payment….another thing worth discussing if you have a good r/ship.
3/ You can ammend the L/O such that it extends the term of the L/O and allows you to pay less a month or at the very least cover the mortgage, insurance and taxes.
Sounds to me like you had a good landlord who did not put you out when you were late. He/she may be very approachable to keeping you in the hse but you need to explore options together.