Posted by Randy (SD) on September 21, 2004 at 14:07:39:
The lease and the option are separate agreements by your own design, one is not necessarily contingent on the other. Depending on the wording of your lease agreement proceeding with an eviction you might find yourself as a defendant in court. Best just like the lease run its course and not renew.
Renters backing out of option agreement… - Posted by Brad TX
Posted by Brad TX on September 21, 2004 at 14:01:37:
I need some advice.
I’m using a lease agreement and separate option agreement. I agreed with the rentor to let them put a $1,000 down toward their option amount and pay the rest out by adding it to their monthly rental until satisfied.
We’re three months into the L/O and they decide to stop making the option payments (financial difficulties). They continue to pay rent, just not the option.
Can I evict under these circumstances? Does anyone have any suggestions on how to handle this?
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?