Legal Question in Real Estate Law in Colorado
Re: Contract for Real Estate
My husband and I were going to enter into a rent-to own contract with a closing in 6 months but when we met with the owner he wanted $10K in earnet money and $15K for a deposit plus Dec rent he didn't tell us about the rent deposit until the night we were to meet with him so we decided not to go forward with the deal and now he wants the earnest money but he did not once take the house off of the market not even for one day.
Do we still have to pay him the earnet money??
1 Answer from Attorneys
Re: Re: Contract for Real Estate
It is unclear based on your facts, but it sounds like you did not sign an agreement ("were going to enter"). For real estate contracts, the agreements must be in writing, absent certain circumstances. Since the earnest money is most likely related to the real estate sale and purchase portion of this deal, they will need a written agreement to claim a breach allowing them to claim the earnest money. Contact an attorney to advise you before you deal further with this party.
Finally, and I cannot stress this more emphatically, do not enter a lease purchase contract without advice of counsel. These are complex documents with loads of issues and variables and many end up in court, as may be the case here. This is too large of a transaction to just rely on hope and their promises. Good luck.
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