Please Help! L/O that's about to blow up! - Posted by William


#1

Posted by PBoone on November 09, 1998 at 09:59:44:

Without knowing which documents were used it is hard to give hard and fast how to’s. In our L/O agreement we use 2 pieces of paper 1-lease 2 option to purchase. if a tenant decides not to pay the lease portion is treated as a lease and the tenant gets booted through the evitcion process in our state (Oregon) it takes about 30 days
Pat


#2

Please Help! L/O that’s about to blow up! - Posted by William

Posted by William on November 09, 1998 at 09:13:04:

Hi, I have a house that I L/O for $495.00 with a balance of $53,000 and I did a sandwich lease on it for $695 with a balance of $61,000. The problem is that we are 6 months into the deal and my tenant has decided to stop paying me rent and has sought an attorney because with my L/O agreement with my tenant it lists my name as the owner and their name as the buyer. They have an idea in their head that I did something illegal by representing myself as the owner and I don’t know for sure that our agreement is binding. I never told them I was the owner, they just assumed that when they answered my ad for a L/O. Please let me know if I am in the right so I can proceed with evicting them with the full knowledge that it isn’t going to backfire in my face if we go to court! Thank you very much for your help.


#3

Re: Please Help! L/O that’s about to blow up! - Posted by phil fernandez

Posted by phil fernandez on November 09, 1998 at 14:01:04:

William,

This may not help you now but I would purchase Bronchick’;s lease/ option workshop course. In it are specific forms that would have kept you out of this mess.

Bronchick’s course can be ordered from this site.


#4

Re: Please Help! L/O that’s about to blow up! - Posted by Bronchick

Posted by Bronchick on November 09, 1998 at 11:39:38:

The fact that you are not the owner is not relevant if you had the right of possession. I have seen some attorneys use the “you are not the owner” argument to help a tenant weasel out of a lease/option many times, which is why I include a specific disclaimer form in my lease/options course.


#5

Re: Please Help! L/O that’s about to blow up! - Posted by Bud Branstetter

Posted by Bud Branstetter on November 09, 1998 at 09:33:38:

Did your documents/option list you as owner of the property or seller of the property? Did you have a separate lease from the option to the tenant buyer? Not knowing what contracts you used makes it impossible to give good advice. Generally, if you have an option to purchase you can resell the property.

Two possibilities exist. One is that the tenant wants out of the lease. The other he wants assurances that you can give him title. Did you do a performance mortgage? Are all the documents with the seller signed and held in escrow? If you did this a letter from your attorney may be enough to assure him that you can give him title. If he wants out will he work with you to find another tenant/buyer if his option is refunded?