Guidance on rent to own lease - Posted by Dee-Texas

Posted by Percy on July 17, 2002 at 22:16:10:

I would let them go and collect another 2K from the next tenant buyer. I generally try and collect the amount stipulated in my reletting clause and just let them go.

Guidance on rent to own lease - Posted by Dee-Texas

Posted by Dee-Texas on July 17, 2002 at 22:01:57:

Hello All,
What do you all do when a rent to own tenant flakes out on the lease three months into the sale? T/Ber has paid $1,700 of a $2K note and will pay off the rest. Has 21 more months to go on a 2year lease. The thing is they just found a bigger and better house. I have a partner on this one, she wants to hold them to the lease. I’m checking with an attorney in the morning (Texas). I don’t think we can hold them to anything really, except if I can’t get a new tenant into the property, I can charge the old T/Ber that rent.
What do you all do?

wow…quite a coincidence Dee! - Posted by Brian M. Powers(MI)

Posted by Brian M. Powers(MI) on July 18, 2002 at 17:54:49:

I am going to court tuesday morning to evict tenants who, 3 months into a 2 year lease option, “flaked” out. actually the husband went after the wife with a kitchen knife but thats there business.
husband is the only one with a job and was ordered out of the house by court order. wife has no money, hence, no rent comes into me.
so it is a little different situation as your tenants want out where as mine are being evicted for non payment.
but, i think it is safe to say that if your tenants really want to be somewhere else and are unhappy in your home, it is only a matter of time before they start giving you trouble.
i say you propose to her that you will release her from all obligations under the lease so long as she signs a “waiver” stating that the non-refundable option fee she gave you upfront is yours to keep as penalty for breaking the lease and she releases all further rights to the money. i know it is non-refundable to begin with but just in case she tries getting cute a month down the line and trying to go to court to get the money.
then you can move on to a new tenant who truly wants to be there.
just my thoughts.
good luck.

Re: Guidance on rent to own lease - Posted by Patrick,in MO

Posted by Patrick,in MO on July 17, 2002 at 22:32:18:

Let em go, keep as much of the deposit as possible. And move on to other fish in the sea. Wasting energy on these people is not what you want to do in the long run. I’ve been thru this one already. beleive me