How to Get Out of a Rent to Own House Lease?
My husband and I jumped into buying a house in pa. At the time it seemed perfect. Perfect location and greatest investment. We at the time were waiting for our credit to imporve so we took a rent to own option. The house had a sign that said buy from owner when we bought it. After signing a 3 year lease with the option to buy we found out the house is ridiculously over priced and then while looking over the howard hanna realty website realied our house is still listed as an active house to buy….is this a breach of contract and should we be concerned about this??? We really would like to get out of this lease for many reasons plus our ill parents now need us closer to home. Any help woul be appreciated.
How long do you have left on the lease? What are the contract terms? Do you have to wait 3 years before exercising the option? Or can it be exercised at any time?
You do not need to exercise your option to purchase the house at the end of the lease. If you don’t, then the owner has the option to sell it to someone else.
You cannot get out of the lease. There is no breach of contract unless the owner sells the house while you are still leasing it.
Have you told the owner that you don’t want to exercise the option? Perhaps that’s why the owner has it listed.
Plus, are you sure the website is accurate? I have seen homes that have been foreclosed on and changed between real estate agents still listed on the old agent’s website, even though the agent no longer has the listing.
Filed under: lease rent to own homes
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How long do you have left on the lease? What are the contract terms? Do you have to wait 3 years before exercising the option? Or can it be exercised at any time?
You do not need to exercise your option to purchase the house at the end of the lease. If you don’t, then the owner has the option to sell it to someone else.
You cannot get out of the lease. There is no breach of contract unless the owner sells the house while you are still leasing it.
Have you told the owner that you don’t want to exercise the option? Perhaps that’s why the owner has it listed.
Plus, are you sure the website is accurate? I have seen homes that have been foreclosed on and changed between real estate agents still listed on the old agent’s website, even though the agent no longer has the listing.
References :
You need to read the terms of the lease. There may be exit clauses, but I’m sure whatever they are will cost you money. Most likely, you are stuck in the lease.
How does your rent to own option work? Can you opt not to exercise your option to buy? That may be your best choice, finish the lease then walk away.
It is not unusual for a house to be listed with a Realtor and buy owner. Some owners want the best of both worlds, being able to sell it themselves and have it with a Realtor.
References :
Oregon Realtor
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