RentToOwn-HouseFinder.com
Not moving in to a rent to own/lease option?
We signed a 3 year lease w/ $10,000 in option money already paid. Our move in date is not till June 5, 2009 and we have found a buyer for our current house that will lease back to us at a substantial savings. Is there a way to cancel the contract without losing any of the money. I don't have a copy of the contract yet, the owner just signed their portion, but I can get it. Any thoughts?
Public Comments
- In every one of these deals I have ever seen or done myself, the option money is completely non-refundable. You need to read the contract very carefully and see if you have an out, you may need to hire an attorney.
- An option is ernest money that you would purchase the home before the end of the contract. If you do not the $10K is given up at your loss. There are ways for the owner to reduce your loss if they so choose. If not there goes your 10K.
