Legal Question in Landlord & Tenant Law in California
terminate lease option agreement
We moved into a house with a one year lease with option to purchase. We have been paying an extra $500/mo toward the option which is put in an escrow account, plus an extra $1900+ ''deposit''. I understand we lose all of that $ by choosing to not purchase, as we can't afford the mortgage amnt. We have 3 months left on our lease and want to know if we can only pay the rent amnt and not the extra $500 toward a house we will not be purchasing. Thank you!
1 Answer from Attorneys
Re: terminate lease option agreement
It is not possible to give you an answer without seeing the agreement.
From a practical standpoint, perhaps you can agree with the seller to cancel the option agreement right now and in return you would be relieved of the option payments.
However, the agreement may obligate you to make the option payments pursuant to your agreement to buy said option, without a way out of your obligation.
Again, its kind of like throwing darts in the dark without seeing the agreement.
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