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Old 04-09-2014, 08:20 PM  
BigRedChief BigRedChief is offline
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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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Old 04-09-2014, 08:29 PM   #2
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I do Lease to own contracts. Not sure I understand your question ?
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Old 04-09-2014, 08:31 PM   #3
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Originally Posted by BigRedChief View Post
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?
Your contact doesn't cover this?
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Old 04-09-2014, 08:31 PM   #4
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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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Old 04-09-2014, 08:34 PM   #5
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Originally Posted by Hog Farmer View Post
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
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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Old 04-09-2014, 08:38 PM   #6
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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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Old 04-09-2014, 08:38 PM   #7
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Originally Posted by BigRedChief View Post
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.
Again: what does your signed contract say?
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Old 04-09-2014, 08:38 PM   #8
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Or buy it like they promised.
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Old 04-09-2014, 08:39 PM   #9
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Yes, but their real estate agent (their friend) is saying we need to negotiate. They want to wait another year.
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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Old 04-09-2014, 08:40 PM   #10
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Again: what does your signed contract say?
They have 2 years to buy or forfeit the $10K. Two years is up at the end of the month.
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Old 04-09-2014, 08:42 PM   #11
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They have 2 years to buy or forfeit the $10K. Two years is up at the end of the month.
Then what's your question?
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Old 04-09-2014, 08:42 PM   #12
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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.
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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Old 04-09-2014, 08:47 PM   #13
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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.
We are paying more for insurance, interest on the loan etc than 2 years ago. We offered to increase the rent and give them another year. They said no we can't afford the increase.

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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Old 04-09-2014, 08:51 PM   #14
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Then what's your question?
The real estate agent says its earnest money. The real estate company she works for has the money.

We are worried about them squatting, staying, tearing up the place, the friend doing something with the money etc.
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Old 04-09-2014, 08:54 PM   #15
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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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