Posted by John Merchant on June 06, 2005 at 09:47:16:
If the original L/O agreement was in writing, then it would have to be read and analyzed to see what rights presently exist…and what the tenant could legally demand.
Clearly this is not a layman’s do-it-yourself job and a lawyer is called for.
Equitable interest in lease option? - Posted by Bruce
Posted by Bruce on May 26, 2005 at 05:21:41:
How would I prevent a defaulting tenent buyer from claiming an equitable interest in a lease/option property?
Re: Equitable interest in lease option? - Posted by Natalie-VA
Posted by Natalie-VA on May 27, 2005 at 16:40:15:
I don’t have lease option experience, but maybe you can get more answers if you give more info.
For example, are you looking for points on trying to draft an agreement right now, or are you already in one and having troubles?
Make sure your questions are somewhat hypothetical, or no one will answer. They don’t want to give specific legal advice.
Re: Equitable interest in lease option? - Posted by Bruce
Posted by Bruce on June 06, 2005 at 08:02:27:
I want to draft an agreement that will protect me from a possible lawsuit from an L/O tenant who may claim that they have an equitable interest in the property because they have paid an option fee, or that part of their rent money was to be construed as a down payment on the property. I understand that you make the rent agreement and option agreement two separate documents to prevent this, but does the court ask for both in determining the outcome? Should any additional rent be paid in a separate check from the rent and placed in an escrow account? Does it need to be returned if the option is not exercised? Does the option money itself give the tenent equitable interest?