We signed a purchase agreement for the house we live in(we are renting for the first year (rent-to-own), but after living here, we have found things wrong with it and also we feel we are being taken advantage of in ways. With that said we are having our doubts of wanting to buy the house anymore. So we are wondering what happens if we were to break the purchase agreement?
2007-02-04 10:52:42 · 4 answers · asked by coleykim69 2 in Business & Finance ➔ Renting & Real Estate
it should be in your contract..
contract need certain elements to be void or voidable
in your case your looking for voidable
so you need a professional to look at the contract if it is voidable..
i can only assume..
on a rent-to-own..and you havn't been there long........(via first statement of first year)
i would just stop paying......and wait for an eviction....and that would get your money back..
what does the contract state for not paying..
so.....let us do an example
your paying 2k ($2000 a month)..so much is rent and so much for downpayment (you would be paying rent anyhow)
so..assume $6,000 so far is for your ownership.....
and say.....60 days to get out of the contract by not paying...and evicted..
you have lost $4,000 and may be able to sue in small claims for some portion of that...
now sub issue.....if you get an eviction notice for not paying the owner has started a court....and you can counter and depends on your locality..you may get a hearing on your funds then..
or in the example another portion of that $4000 as an illegal contract.
makes sense i hope..
also your seller may be interested to keep the sale..allow you to reduce payments..for repairs.......
good luck
2007-02-04 13:02:12 · answer #1 · answered by m2 5 · 0⤊ 0⤋
read over your agreement very carefully and see if there are any remedies for your situation. Did you bargain to get a home owner warranty which normally lasts for a year? Did you have some kind of inspection done on the property before hand? I wouldn't threaten to break the agreement until all avenues of fixing the problem permitted by the agreement are exhausted. Then there is always consulting a legal expert or calling some state agency to help you out.
2007-02-04 11:24:25 · answer #2 · answered by flextime 2 · 1⤊ 0⤋
Ask a professional in your area like a Lawyer or a Realtor. Depending on the verbiage within the contract, the seller could potentially have the power to sue you into purchasing the property. You could also try to negotiate with the owner to possibly come to terms with terminating the contract.
2007-02-04 18:38:44 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Unless there were words in the purchase agreement to allow you to back out, you could lose anything you have into the house already.
Good luck.
2007-02-04 10:57:55 · answer #4 · answered by Judy 7 · 1⤊ 0⤋