Lease/Option House Has HUGE Problems in FL?

Question

Just entered in to a lease option, very basic contract without legal loopholes, and this house has some significnat problems. We knoew of the basic ones as we walked through and viewed the house for leasing. However, Now that we have spent a week here, some HUGE problems are creeping out. The air conditioning system does not work properly, the Piers & Beams are rotted and some termite eaten, some even showing sign of where part of the house has burned before.

As with most real estate selling transactions, disclosure should have been done. Do I have grounds to back out with such major issues as previous fire and major termite damage now being prevalent without disclosure having been done?

Answer 1

I would say you do. Major issues like fire and termite damage should have been disclosed. You should be able to back out with no penalty.

Answer 2

Do I have grounds to back out with such major issues as previous fire and major termite damage now being prevalent without disclosure having been done?

YES. THERE ARE 'LEMON LAW' TYPES FOR HOUSES AS WELL. RESEARCH YOUR LOCAL LAWS.

Answer 3

"Lease" You may not be able to break a lease unless it's unlivable.


"/Option" Just what it says, OPTION. You do not have to act on the option.

Under a lease the owner has to keep all appliances operable. Write a letter and call. If no response in a few days, 10 at most, write another letter with 10 days to reply, registered, with return receipt. Keep copies of those letters.

This will be important legally.

Repeat, You do not have to act on the option.

Answer 4

people get interest basically mortgages, the place you surely in no way pay down the theory and basically are paying the interest. they are banking on the certainty that for the time of many years (5, 10 or greater) the cost of the domicile could have long previous up intense adequate you are able to refinance and initiate surely "procuring" your place. Many foreclosure are via people utilising this techniques-set and then the housing marketplace dropping values. they'd't refinance via fact they owe greater beneficial than the home is now properly worth and that they've been dumb adequate to take out an adjustable cost loan the place the interest is going contained in the direction of the roof. If I have been on your footwear, i'd seem for a small domicile in decide for of adjusting up. then you definately can improve the cost by utilising redesigning/restoring the domicile. After some years sell it, take your fairness (difference between what you owe and what it sells for) to apply via fact the down fee on the subsequent, greater useful domicile. stable success.