Legal Question in Real Estate Law in Georgia

Lease Option Problem
I took a ''get rich quick'' real estate course about lease options. Basically I found a house and took control through a lease purchase agreement. I then tried to resell the house. I found some tenant buyers who loved it, they moved in on a 12 month lease and a separate purchase and sale agreement giving them 12 months to buy. They gave a $5,000 non refundable earnest money deposit.

Ok well 12 months later, the buyers' sister is an attorney in GA, she told me what I did was illegal. So I faxed her all my docs and let her look at it. Next I said ''look I dont want to go to jail for something stupid'', I said I would cancel my lease purchase agreement with the orginal owners and let the buyers and sellers get together and close on this with me getting no money at closing. Everyone is ok with that. That's what is happening now. Today I get a call from the buyers who are asking for $5,000 back. I don't have $5,000. I told them that, they want me to call them back when I think of something. Well I m thinking I really don't have $5,000 or access to it and I'm basically broke thats why I was trying this real estate business. I think I may need an attorney. Anyone have any words of wisdom or can I call someone on here?

Asked on 7/13/07, 10:10 am

Charles W. Field Charles W. Field, Attorney at Law

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0 attorneys agreed

Re: Lease Option Problem

I think the attorney is bluffing you. However, to be safe, you should have the documents reviewed by an attorney.

Answered on 7/16/07, 6:28 pm

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