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My husband and I are in a lease with option to buy contract......?

During all the paper signing we signed a paper that said that we checked the house completely. Meaning electrical and plumbing. We looked into everything to make sure it all looked fine. We didn't have it done professionally. We were informed there was no termite damage. We have found some in almost every room. Since we signed that paper are we pretty much bound to our contract? The owner is planning on us buying the house. She is even having a new roof put on this week. What are my options?

Public Comments

1. If your contract is simply an option, then it should address what consequences there are for not exercising the option. Are you paying an increased rent or was there a promise to rebate money toward closing if you purchased the property? What happens if you simply let the option period expire? Second, NEVER agree to buy without a thorough home inspection from a qualified inspector. It's not too late to have someone do it now - so you'll know the scope of the issues. If they're minor and you're getting a good buy on the property - it might still be worth going through with the purchase. A new roof alone is worth thousands that you don't have to spend. However, if the issues with the property are substantial, you may be better off to allow the option period to expire or otherwise cancel the contract. Since the owner misrepresented (perhaps innocently?) the presence of termite activity/damage - you need to be especially careful in having the property examined for other issues. Good luck.
2. the wording of your lease is critical - if it says that you have the "option" to buy and you've made no clear commitment to buy - then all you have to do is say that you've changed your mind about buying and wish to stay the term of the lease and that's it before you go to contract on a purchase agreement - make sure that you set up some contingencies - 1- the contract is contingent on you the buyer being able to obtain financing 2- the contract is contingent on inspection by a proffessional licensed home inspector - if the house fails inspection that you have the "option" of A. having the buyer repair and remedy all of the failures or B. nullifying the contract
3. If you are looking to try and back out of the agreement, then its best to spend the monies and have a real estate lawyer review the contract to see what your option are, better move quickly to retain legal advice,
4. It is called a lease with an OPTION. You don't have to take the option. If you love the house, then negotiate a termite inspection and any repairs in your purchase contract. You shouldn't worry. Just have a negotiation wth your landlord. and GET qualified! There are only 3 types of loans with no $ down. All of them REQUIRE paystubs/ W-2s/ bankstatements/ credit cleaned up. Best of luck!
5. If you have an option to buy then it is your option. You should not have to purchase the house. The termite damage is probably old and the owner should take care of that if they want you to go through with it. Also have the house checked by a professional for termites. Because there is damage does not mean the termites are still there.
6. You jammed yourself up by accepting the condition of the house without professional imspections (why on earth did you do that?) Are you committed to buy? If you have only an option, then you simply opt not to buy. What's the problem?