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04-09-2014, 08:20 PM | Topic Starter |
Has a particular set of skills
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Anyone know a real estate lawyer?
Got a house with a lease to own contract. They don't buy by the end of the month we get the $10K. They want to make a new deal. We have a contract.
Need to consult with a real estate lawyer to figure out the best path. Anyone know someone? |
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04-09-2014, 08:29 PM | #2 |
Fish are scared of me
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I do Lease to own contracts. Not sure I understand your question ?
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04-09-2014, 08:31 PM | #3 |
Psycho Bag Of Squanch
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Your contact doesn't cover this?
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04-09-2014, 08:31 PM | #4 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $1710477
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You own the house.
You've leased it out on a contract. The contract is up and it's time for them to buy or forfeit. Is that what you're saying |
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04-09-2014, 08:34 PM | #5 |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
Casino cash: $3149627
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Yes, but their real estate agent (their friend) is saying we need to negotiate. They want to wait another year. They say the $10K was earnest money and goes to arbitration. Lawter fees come out out of the $10K.
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04-09-2014, 08:38 PM | #6 |
Psycho Bag Of Squanch
Join Date: Sep 2001
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Again: what does your signed contract say?
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04-09-2014, 08:40 PM | #7 |
Has a particular set of skills
Join Date: Dec 2003
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Casino cash: $3149627
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They have 2 years to buy or forfeit the $10K. Two years is up at the end of the month.
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04-09-2014, 08:42 PM | #8 |
Psycho Bag Of Squanch
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Then what's your question?
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04-09-2014, 08:39 PM | #9 |
Fish are scared of me
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What does the wording say in the contract ? Does it give them that option ? If not then you can hold them to the deadline. I normally do a 5 year contract and at the end if they want to sign another 5 years I will do that because the longer they're on contract the more money I make.
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04-09-2014, 08:47 PM | #10 | |
Has a particular set of skills
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Location: On the water
Casino cash: $3149627
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Quote:
They said we can't qualify for a loan.Our realtor put them with a private investor that offered them a loan for $200 a month more than they are paying us in rent. They declined the mortgage.
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04-09-2014, 08:38 PM | #11 |
Fight, build, win!
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Bullshit negotiate. Thats lawyer speak for get more money. If you have a binding contact they either are out buy the end of month or fork over the 10,000 G's.
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04-09-2014, 08:42 PM | #12 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $1710477
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They've normally put down the down payment up front so he should already have possession of the money. I label it as "option consideration" which becomes nonrefundable rent in the event they don't exercise their option to purchase the property.
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04-09-2014, 09:00 PM | #13 |
Not dead yet...
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Are pigs still that fickle when you're not jacking them off?
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04-09-2014, 08:38 PM | #14 |
Fight, build, win!
Join Date: Sep 2004
Location: KC
Casino cash: $1681250
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Or buy it like they promised.
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04-09-2014, 08:54 PM | #15 |
Fish are scared of me
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Casino cash: $1710477
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I'd stand firm on a rent increase with another contract or tell them they have to move out. they signed the contract . They knew what it said.
I put a couple in a house in January . they paid me $2000 down and first months rent $700. They haven't paid since and we go to court next week but I think they will finally be out by this weekend. I started putting a clause in my contract that states in bold print that if the lease payment becomes 30 days late it renders the contract null and void and the contract becomes a "rent only " contract. Just FYI |
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