RentToOwn-HouseFinder.com

How can we break our rent to own lease?

Me and my husband signed a rent-2-own lease(1yr) back in OCT 08' we want to break it and buy another house for various reasons. Do we need a lawyer to go about this? It says in the lease that this option to purchase is exclusive, what does that mean? Are we bind ed in this or is there a way out. ANY help would be great. And we are looking to get out around the time the 1year lease is up.

Public Comments

1. Read your contract. Those are the terms you have to go by before asking anything else.
2. I'd suggest consulting an attorney to be safe.
3. Is there nothing in the lease that states what will happen if you break the lease? I would check with the county you live in and see what laws they have for Landlords/Tenants. The landlord could sue you but it is unlikely that he would get all the rent that is due for the entire lease if you have moved out of the house. Most likely you will loose your deposit/down payment. He could also report to your credit agency of he has that capability. I really think it depends on the state/county you live in and what kind of laws are in place for these situations. Hope this helps!
4. You shouldn't need a lawyer because you aren't going to break the lease if you are looking to get out when the 1 year lease is up. If you want out before the year is up, there is always a way out; it's just a matter of how much it will cost you. The lease should clearly state what you would have to pay in order to break the lease. "option to purchase is exclusive" means that no one besides you can purchase the house as long as this lease is in effect. When you terminate the lease agreement then the owner can sell it to anybody. Read your contract. Give the owner ample notice that you will move out at the end of the 1 year lease so they can list it on the market again.