Legal Question in Real Estate Law in Arizona
Lease with an option to purchase
I entered into an option to sell my house. Option agreement was signed and the cash for the value of the option was exchanged. Option agreement states that buyer is solely responsible for obtaining financing. Failure to purchase the house means that the buyer is loosing the option paymenent. Subsequent to signing of the option agreement the buyer realized that he will not be able to obtain necessary financing and requested the option moneys back. Do they have any rights to this cash? Option agreement refers to a lease agreement which was to be signed at the same time. We have never entered into the lease agreement due to buyer's change of position. Option agreement states that: ''in the event a conflict arises between the terms and conditions of the Lease Agreement and the Option to Purchase Agreement, the Option to Purchase Agreement shall control''. Please let me know whether the buyer has any right to the money they paid me for the option.
1 Answer from Attorneys
Re: Lease with an option to purchase
It's impossible to give an opinion on a written agreement without seeing the entire agreement.
The question I would ask first though: How much money is at stake and is it worth fighting over?
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