We signed a lease with option to buy contract and now the owner is trying to change her mind.

Question

we signed this contract one yr ago and we have 2 yrs left to get the mortgage over into our name,it states in the paper that all monies paid on this lease will be deducted from the price of the home.now the owner states that it is suppose to be just rent as paid.and when we get the mortgage switched over then we will still owe her the full price she was asking for.do we have a leg to stand on or will we be liable if there is still money owed on the mortgage when the time comes?we didnt go infront of an attorney to do these papers we bought a contract at staples and had it notorized is this legal and binding.?

Answer 1

Yes, it is perfectly legal to purchase a blank contract from STAPLES or other office supply store and complete it yourself without an attorney. Further, the contract will be valid with or without a notary.

Ordinarily, lease payments are regularly paid to the property owner selling the property via option to purchase without any adjustment to the final purchase price. The parties have a right to contract to otherwise apply the "rental" payments in whole or part towards the purchase price. This requires specific and clear language in the body of the written agreement and cannot be enforced as an oral contract.

       Your answer is controlled by your written contract. Now exactly what does this contract say about application of your payments?

      Too many people trying to save money from attorneys cost themselves much more by failing to protect themselves or getting other competent financial advice.  Good Luck.    

Answer 2

If it is in the contract otherwise tough luck.  

Answer 3

You have a couple things to consider; The person who "uttered the document" is presumed to be the more knowledgeable and therefore held more accountable.  So if you supplied the document, no matter where you bought it, the seller "might" have some wiggle room.

Second - real estate deals (at least in my state) have no room for assumptions. What it says in writing is the way it is. Since you are talking about a potentially large sum of money it you be a great investment on your part to visit an attorney preferably one who specializes in real estate.

Answer 4

Well each state is a little bite different best bet is to  now  spend the monies and have a lawyer review the contract, only way to enforce your rights  

Answer 5

Working is not Scrounging!

Answer 6

the written contract is more binding than her oral statements now - are you paying above the normal rent price with the excess going towards down payment? if yes - then the only way she could alter the deal (with your approval) would be to lower the rent to normal level and pay you back all the excess rent you have paid. did you agree on a house price up front? home prices have been going down for the last 2 years. you may be better off walking away if the value of the house is less than the original agreed upon selling price, because you may not be able to get e big enough mortgage to cover the cost if it was priced too much higher than the value will be in 2 more yrs (and the market is expected to go down at least another 12 months or so. you may need to talk to someone legal wise to find out where you stand.