Legal Question in Real Estate Law in Georgia

lease/purchase, money given, owner files bankruptcy
I recently sold my houseand wanted to by another. My credit was damaged by a chapter 13 bankruptcy. I found a house where the owner offered financing. He stated he would enter into a lease/purchase agreement. If after 1 year my lease payments were on time and upto date he would finance or get financing for me. I paid a years rent up front along with a downpayment to be applied to purchase. I have contracts and paperwork. Last month he notified me via letter that he was filing chapter 7 bankruptcy. The house is now in foreclosure. I have paid rent until sept. 2004 and he also has the down payment. What are my rights if the mortgage forecloses?

Asked on 2/05/04, 4:18 pm

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

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Re: lease/purchase, money given, owner files bankruptcy

It is impossible to assess your situation in this type of forum. You need to consult with a local attorney who can review all the documents.

Answered on 2/05/04, 4:36 pm

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