Legal Question in Civil Litigation in Colorado

Question about getting out ff a contract
I recently signed a contract with a ''Private Investor'' for a lease/option on my home. I own the home and was looking for a way out, the contract states that he will basically become my tenant and lease the home from me for a period of 36 months then buy it at the end of that 36 months. It states that he has the option to sublease to tenants. This contract in contingent upon him finding tenants to move in by Oct 2002. I gave him no money and he gave me no money for signing this contract. After being a little sceptical of him and his business, I changed my mind and I do not want to follow through with this lease option deal. Can I get out of this contract with no penalties, because I decided I don't want to lease my house to him?

Asked on 8/20/02, 10:54 am

2 Answers from Attorneys

L. Eric Lundgren Lundgren Law Offices, P.C.

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Re: Question about getting out ff a contract

The answer to your question is maybe. It depends in part on what "business practices" have made you change your mind. Have you determined that the lessee is financially unable to go through with the contract? Has he breached the contract in some fashion? Has he proposed tenants whom you find unacceptable? (Is there a provision limiting subleasing to tenants whom you approve?)

There are also questions that one might ask about the validity of the contract in the first place. What was the consideration given to you for entering into the option agreement? You said no money changed hands, what did you get out of the deal? (There should be mutual consideration for a valid, binding contract.)

Just deciding that you don't like your tenant may not be enough to allow you to invalidate the deal, depending on the language of your lease agreement.

However, there may be other alternatives. If you would like to call or e-mail more specifics, you are welcome to do so. Also, any lawyer would really need to review a copy of the contract to give you accurate and meaningful answers on this question.

Answered on 8/20/02, 12:51 pm

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