Posted by DB on May 12, 2004 at 24:04:25:
Jeesh…no help on this board.
HELP…Seller Backing Out of Lease Purchase - Posted by DB ¶
Posted by DB ¶ on May 06, 2004 at 23:24:01:
Being as brief as possible…A seller I negotiated a lease purchase with has backed out of the deal and has put his property back up for sale and threathened to sue me if I record the notarized agreement thereby clouding his title.
I used the exact Residential Lease Purchase Agreement from the Protege. I got it signed and notarized on 4/30 and it was set to start on 5/1 with payments commencing on 5/20. The seller gave me the house keys. The seller was almost entirely moved out out of the house (he was moving on a whim from PA to WA-whatever he could fit into his car). I only got the Lease Purchase Agreement signed and notarized and did not get to the other forms including the Memorandum of Option.
Something went sour between the 4/30 afternoon signing and when we met again later that evening. Apparently the seller was instilled with fear after talking with friends. The seller told me that he just couldn’t leave to go to WA with only the $1 I paid him. He said he wanted the $3000 payment before he left (instead of on 5/20 as agreed in the contract). I tried to calm him but to no avail. So I left and told him I would call him back on Monday (giving him the weekend to cool off).
Well, when I called back on Monday he was quite terse and alleged I was trying to scam him. I went so far as to offer to pay the $3000 into escrow now instead of on 5/20. My efforts were fruitless as the seller no longer wants to deal with me and went and supposedly spoke with a lawyer. The seller then sent me an email and a letter stating that PA law allows for him to back out of the contract within 3 days. The contract was dated 4/30 and the email was sent on 5/4 and the letter on 5/5.
I spoke to my lawyer about this issue and she felt that I just have to let this one go and chalk it up to experience because I didn’t have a good enough contract. She pointed out that the judges would not accept a $1 payment giving me control of the property. It’s a fairly small town we live in but I feel I need to find a better lawyer because I thought I could at the very least record the Agreement and cloud the title.
Now I realize all I have is the 1 page Agreement but do I have any recourse here or do I just lose this great 5 year deal because the seller wants nothing to do with me?
Re: HELP…Seller Backing Out of Lease Purchase - Posted by yabadabadoo
Posted by yabadabadoo on June 03, 2004 at 24:49:43:
so what are you going to sue on? $1? it cost more than that to file a lawsuit