Legal Question in Real Estate Law in California
Lease - Opiton to Buy
When we went to buy our home we had some credit problems so some friends of ours said ''hey we can help you we have good credit, you can buy it from us at the price we buy it for, when your credit is fixed''. There was a lease Option to Buy written. It stated that we would pay everything to do with the house and within 1 year we would buy it for $165,000 (and we have). Now that we are able to purchase the home, all the sellers have to do is sign, they are refusing, because the home is worth at least 195,000 now. We have a contract that states that the Option to Buy is irrevocable (we paid $6,000 for that right) by the seller, unless the rent has not been paid and it has been paid. In fact, it has been a week early EVERY month. I know we would win (with the right lawyer)if it went to court. We paid for an hour with a lawyer, then he made our chances sound great. He told us to write a letter to the seller. The sellers obtained a lawyer and he sent us letter saying they were terminating the option. So we went back to the same lawyer and he didn't seem to sure. He wants $5000 for a retainer. We don't have that kind of money to pay a lawyer. What can we do?
4 Answers from Attorneys
Re: Lease - Opiton to Buy
I assume you are currently in possession of the house, i.e., living in it.
Does the written agreement contain an attorney's fees provision? If so, the owners would have to reimburse your fees if you win.
You didn't say why your lawyer felt less confident after hearing from the other side's lawyer. Perhaps there is some other provision in the agreement that causes the option provision to disappear?
Most likely, this is just a shakedown for an offer (from you) to pay more, splitting the appreciation, perhaps. It may be possible to bring about a quick sale by initiating a lawsuit for specific performance, and I (for one) would not require such a large retainer.
In the meantime, be sure to keep your payments current and don't do anything to trigger the option's cancellation. In addition, be sure to document that you "tendered your performance" under the option, i.e. asked to exercise it and were ready, willing and able to do so.
Feel free to contact me for representation at (707) 523-4497.
Re: Lease - Opiton to Buy
Everything will depend on what the contract says. You do need help though.
The Right Attorney
Yes. It sounds like you just need the right attorney. Contact me for a free consultation -- 310-266-4115
Re: Lease - Opiton to Buy
Of course you have rights. If everything is in writing issues say why you wasting time on a web site rather than getting a real attorney to represent you. A letter alone should be enough to wake up the other side. If it doesn't compare our numerous causes of action that you would file in the Superior Court in which the properties located. One would be a specific performance action to require them to perform as required under the agreement. There are alternatives additionally, that you must at least have knowledge of. You need a good real estate/litigation attorney who is expert in the area. Sitting down and writing to this web site does no good for you. A real attorney representing you as the only answer to your question.i have been practicing law in this speciality for over 30 years in the san francisco bay area and if you wish to consult with me you can contact me at 925-945-6000.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
