Re: lease option - Posted by Jim FL
Posted by Jim FL on June 19, 2006 at 11:52:21:
Some harsh reality, but, reality it is.
When you are late, even though you pay late fees, the owner of the property has the right to take action to insure timely payment, etc.
Now, whether they are correct in the claim or not, is to be determined in court, usually with an eviction.
Should the owner of the house decide to serve their tenant (you), they would also need to serve the tenant occupying their house, as well, with anything they’d serve you.
I’m sure an attorney would advise them to do this.
Can the seller mess up your relationship with your sub-T/B’er?
Would it be right?
Depends…if you are paying on time and performing, the seller should have ZERO contact with the tenant buyer in the house.
But, when you don’t, the above would apply.
Your best strategy to deal with the issue, would be to talk to your seller, smooth things out, and let them know what is happening. Make it clear that you are doing what you can to perform, and this is why you’ve paid the late fees.
Perhaps also advise them that the end result which you both desire, is for the folks in the house to buy, so please come to you first, to resolve issues.
If that fails, then you cannot blame them for notifying the occupants and protecting their property.
Even if your agreement had a clause stating the seller could not contact the occupants, they’d probably win in court if they did so, in an effort to enforce an agreement with you.
Anyway, my two cents, keep the change,
P.S. Thanks for posting up, it’s better than private email, because then perhaps the discussion will help more than just one person.