Posted by Aimee on November 10, 2002 at 23:16:04:
Thanks for your comments everyone. As a newbie, everything is a bit new to me. But I understand the advice you’ve given, and appreciate it. Guess I just have to leave this between my potential buyer and their current landlord to see if he’ll let them out of the lease. In the meantime, I’m still marketing on the home, so things will work out either way.
Thanks all!
Buyer to get out of lease? - Posted by Aimee
Posted by Aimee on November 10, 2002 at 10:46:59:
I have a potential buyer for a home I’m lease optioning. However, their current home landlord is not wanting them out of his lease. He is even trying to lower their lease from 1,395 to 1,200. They put the 1st and last month’s rent and are willing to walk away from it. But they don’t want him to take legal action for breaking the lease. The contract is till July.
I told them to read the contract agreement with him. And there is really nothing he can do other than take their deposit, right?
Re: Buyer to get out of lease? - Posted by phil fernandez
Posted by phil fernandez on November 10, 2002 at 19:29:54:
Every state’s landlord/ tenant laws are different. As Ed Copp said, the tenant has a legal contract with the landlord in the form of a lease. In my state, the tenant is responsible for all of the rent during the lease period. So from Dec. through June at $1,395/mo. x 7 months = $9,765 is what your tenant is responsible for if you were in my state.
So it’s just not a case of walking and just losing the security deposit. I would have the tenants check the state’s landlord/tenant law or talk to a lawyer in your state who is familiar with the law. There could be other damages associated with this also. And above all, don’t be giving legal advice. That could come back to haunt you.
Re: Wrong answer - Posted by Ed Copp
Posted by Ed Copp on November 10, 2002 at 15:31:01:
Obviously you are not a lawyer. You see a lease is a contract whereby your potential buyer has agreed to pay a certain amount of rental for a certain time frame. The owner may be taking payments monthly, BUT they owe for every day of that lease, the full amount. Now it might be possible that they can get the owner to take less money (sounds like they have done that), but he does not have to do that. If they just walk away the owner is damaged. He will have to find a new tenant, this will no doubt entail some expenses. Most likely he will have to sue the tenant (for the full amount + expenses), this is a real pain in the rear to say the least.
Now many of us who lease property use the leases for security for loans. He may have done this with his lender so he may not be able to pay his loan payments on time, more damage. Your advice could cost your prospect many thousands of dollars.
I would suggest that your prospect needs a real lawyer.
Re: Buyer to get out of lease? - Posted by Stu-Canada
Posted by Stu-Canada on November 10, 2002 at 13:30:03:
I’m just a Newbie but I think I see a motivated seller with your buyer’s landlord. Why is he so anxious to lower rent to keep them there. You may be able to work out a deal and help your buyers keep their deposit.
Just a though and good luck.
Stu-Canada