Legal Question in Real Estate Law in Georgia

lease/ purchase

My Mom paid cash for a house and my sister signed a L/P contract to pay $100,000 for the house. She was making payments going toward the purchase price. The contract stated she was to get a 30 year mortgage within 2 1/2 years. But she did not get one and she stayed in the house for 1 1/2 years more, then moved to buy another house.

Is this a breach of contract and would she be entitled to any money from the sale of said residence. She says yes because of the equity built up while she lived there.


Asked on 1/25/08, 4:13 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: lease/ purchase

Tenants in rental property often help the owner "build equity." That is the difference between renting and owning.

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Answered on 1/25/08, 4:32 pm


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