Legal Question in Real Estate Law in California
possible eviction
residing current address since 12/99.seller financing 8% on 165K price. deal was written on lease/option form. seller wants to evict. we have been paying house pymnt,taxes,water through seller documented on numerous pymnt receits as would be the case with a wrap around mort. as verbally aggred to 12/99. Orig deal was for 24 months during which time we could seek own financing or pay 1/2 apprecated market value on seller financ+165K. Due to cercumstances stemming from 9/11 last year I requested an extension of unspecified time. WHAT OUR OPTIONS/RIGHTS??
2 Answers from Attorneys
Re: possible eviction
After reading your data and question several times I think I understand the deal. My first impression is that your case is pretty weak, especially if you have let a deadline pass. However, a full analysis would require having an attorney look at the document to see whether you have any ongoing rights. It's also possible that you might have some rights outside the strict language of the lease-option document.
Were the signatures notarized and the document recorded? If not, it is much more likely to be construed as nothing more than a lease. Even an option should be recorded to preserve your rights thereunder.
You indicate that part of your agreement was oral, part in writing. You would have an uphill battle getting the oral part of the agreement admitted as evidence in court.
Further, option expiration dates are strictly observed. A day late and you're out of luck.
If you have paid substantially more than the fair rental value of the property, you should take your documents to a real-estate lawyer to see if he or she thinks you are entitled to restitution or some other remedy. Otherwise, I think your chances are pretty slim.
Re: possible eviction
In addition to what Mr. Whipple answered, was the extension granted, and was it in writing? Has there been any appreciation in the property?
Did you do a formal "Wrap around" mortgage document, also known as an all inclusive deed of trust?
All of your documents really need to be reviewed. My experience is that lease options are a terrible way to buy a house ... they work out about 1 out of 10 times.