Legal Question in Real Estate Law in Indiana
Rented a home for 2 years with the understanding that we would be purchasing the home. During the 2 years we had many discussions about the fact that all of the rent was going towards the home and that he would hold the mortgage. When June came this year he said he would not hold the mortgage as the home was in his mother's name and when he asked, she said no. That left us scrambling to get our credit in order and we are working towards the money. The pre-approval letter was sent to him by the company (Cred Advise). Now he called the other day and wants us out "the sooner the better." We have almost $40,000 invested here. What options do we have.
2 Answers from Attorneys
Discussions mean little. Paperwork means a lot. Take any contracts or written records you have to an attorney in your community. If you have no such records regarding your agreement, you are probably out of luck.
There are ways of proving an agreement without a written document and ways of getting around any requirements that a contract for the purchase of real estate be in writing. You need to contact an attorney in your area. I suggest that you bring along all of the documents that you have, including cancelled checks, and also what rentals go for in the area as opposed to homes being purchased on an option. Good luck.
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