Posted by JohnBoy on July 16, 2004 at 19:22:30:
Did you record your contract?
Can a person lose on a Lease Option? - Posted by Kyle Ayers
Posted by Kyle Ayers on July 16, 2004 at 15:02:23:
I’ve entered a five year Net-Net Lease w/ Option to Purchase. Now in the 54th month, upon giving notice that we intend to purchase the property and have gotten preliminary financing the owner has transferred the deed to a Business (oddly, having the same address as the owner) via a quit-claim deed and has not answered our calls to him or his attorney. Our attorney says that this company can sell the property out from under us. The property is in New York City. Our contract of sale (attached to the Lease w/ option) spells out the amount of the sale being the balance of the existing mortgage at the time of closing plus a check for his equity of $27,000. Has a person ever had this happen and actually lost the property by a seller doing this?
Re: Can a person lose on a Lease Option? - Posted by Peg Burt
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Re: Can a person lose on a Lease Option? - Posted by Rebecca White
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Re: Can a person lose on a Lease Option? - Posted by mikenel
Posted by mikenel on July 21, 2004 at 14:55:20:
Could your lease/option possibly be assignable?? Or did the owner somehow attempt to move the property into an LLC or other entity (if the “Business” address is the same as his personal address)?? Can that be done while under a lease/option agreement??? Im the newest of newbies so I’m throwing speculative scenarios out there, but I’m hoping someone can shed some light on that for me as well… Just curious… --mikenel¶