Posted by Kevin IL on January 14, 2005 at 11:32:20:
The option should be tied to performance on the lease. If the TB violates the lease they forfit the option.
Lease-Eviction-OTB. - Posted by Cikke - Oh
Posted by Cikke - Oh on January 14, 2005 at 11:27:24:
I’m not in this situation but was curious.
If you are selling on a 1yr lease with a seperate option to buy in 1yr and your T/B had to be evicted for whatever reason. How do you stop the option to buy? I know that this option does not mean that they are buying but…If I take the house back then lease-option it to another person. What would happen if the first T/B come back before the experation date on their OTB and wanted to buy the house?
Wouldn’t I now have 2 people with a option to buy on the same house?
Am I missing something that is right in front of me?
I have never done a lease-option yet. So maybe this is very basic question.
Re: Lease-Eviction-OTB. - Posted by Randy (SD)
Posted by Randy (SD) on January 14, 2005 at 11:39:08:
Do you actually have a lease option agreement? If so, read it. My lease option agreement contains the following:. REMEDIES UPON DEFAULT. (a) In the event of any such default by Buyer/Tenant of this Option to Purchase Agreement or the Lease Agreement, then in addition to any other remedies available to Seller/Landlord at law or in equity, Seller/Landlord shall have the option to terminate this Option to Purchase Agreement and all rights hereunder by giving written notice of termination. Tenant/Buyer is not entitled to any refund of rent or option consideration whatsoever. (b) All of the terms and conditions of the Lease Agreement must be complied with in order for this option to be enforceable. In the event this Option to Purchase Agreement conflicts with any part of the corresponding Lease Agreement, the terms and conditions of this Option to Purchase Agreement shall be superior and prevail.
Translation: if they don’t abide by the terms of the lease, the option is void.