I have a lease/purchase contract.The tenent put $2000 down towards the purchase price.They have only made 2 payments,the last payment was with a personal check that was returned from the bank because the account was closed.
2006-10-17 01:59:05 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Is your lease/purchase contract, a lease with the option to purchase or a land installment contract? In Ohio, the purchaser would still be treated as a renter under either scenario at this early point in the transaction and you could evict the purchaser. The tenant may have an argument to get his $2000 or part of it back depending on how you worded it in the lease.
2006-10-17 17:33:22 · answer #1 · answered by ruzicho2000 2 · 0⤊ 0⤋
It depends on how your lease option contract is written. Often if the "buyer" isn't paying their rent, they are are in default on the contract allowing the landlord, you, to evict and keep the large deposit usually associated with a lease with option to purchase. In any case you usually have to give them 30 days for the tenant to leave the property which might also be translated into the amount of time they have to actually buy the property as well (which isn't likely). Basically it is like calling in their option since they have defaulted on the lease.
If your contract doesn't specify this scenario, you will likely have to return the deposit (less any expenses /unpaid rent). If the tenant begs to make good, have him sign a new contract with this specific scenario included to assure yourself that you can keep the deposit.
2006-10-17 03:21:20 · answer #2 · answered by linkus86 7 · 0⤊ 0⤋
You need to consult with an attorney. How you proceed will depend entirely upon your contract. Very different rules and procedures will apply depending upon if the courts consider the contract a lease or an owner financed mortgage.
2006-10-17 04:09:02 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It depends on your state law and the lease terms. I believe in many cases, you can give them notice to pay or quit in 3 days. They will need to give you cash or money order and if they fail, you can evict them. However, process could take up to 3 months. I suggest you contact an eviction lawyer and start your process now. You can also contact your local apartment owner's association and see if they have discount program for eviction lawyer. If they do, you may want to join them. The money you pay the lawyer will save you time and headache.
2006-10-17 02:18:21 · answer #4 · answered by spot 5 · 0⤊ 0⤋