Re: Renters backing out of option agreement… - Posted by Bryan (NC)
Posted by Bryan (NC) on September 21, 2004 at 21:20:32:
Based on your questions, I can predict that you don’t have this situation addressed in your lease. (something to the effect of “It shall be a breach of this lease for Tenant to fail to perform under any other agreement Tenant has with Landlord”… consult your attorney for exact wording). Because you haven’t prepared for it, you’re stuck.
But what’s it matter? You’re still getting on-time rent paid in full, right? Just make sure you’re ready to go with their notice when they stop paying rent also.
BTW, expect trouble in the future if your option agreement doesn’t address what happens in this situation. Does the agreement explicitly state that they lose the Option if they don’t make payments on time?