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Lease agreement question? What are my rights as Lessor?
I have leased my home to a women. We have a lease with option to purchase contract..I need to know if someone can explain this part..Lessee agrees to pay the Lessors a Down payment of $10000 in certified funds only. $5000 of which will be put on the principle of note or towards closing costs at the end of 12 months lease, this $5000 will be refundable in the event that this agreement to purchase home is not executed at the end of the 12 month lease. The other $5000 is paid to Lessors for the risk of leasing home and will not be refundable at any time. This contract commenced on June 25,2009. She cannot get a loan to purchase home and is not willing to sign another contract on my terms. The money that was refundable is in question. I need to know what exactly does the part about $5000 will be refundable IN THE EVENT THAT THIS AGREEMENT TO PURCHASE HOME IS NOT EXECUTED AT THE END OF 12 MONTHS mean? Is she eligible to get this money back or did she default?
Public Comments
- Yes, she is eligible to get this money back because she is not purchasing the home. Otherwise, the $5,000 would go toward the purchase of the home.
- unless you have a writer in there saying exemptions for this specific instance i would think you will have to give the money back answer mine if you would http://answers.yahoo.com/question/index;_ylt=AsUn7xriixsdwMwjaI8bPLTL5HNG;_ylv=3?qid=20090730111524AAwa2Tg
