Legal Question in Landlord & Tenant Law in Minnesota
Lease to own
Our lease to purchase contract expired. For the last year we have been paying in the same amount as ususal and the original contract states that $150 of that amount is put into escrow towards the purchase of the home. We never signed a new contract so is the landlord required to give back the overpaid amount. The lease option is very vague with no purchase price, interest amount or time frame to excercise option.
1 Answer from Attorneys
Re: Lease to own
You should have an attorney review the language of the agreement to determine if the escrowed amount is refundable or forfeited. SInce an option to purchase is something you usually have to pay for ( most tenans DON'T have the right to purchase their rental property) it would be surprising if the escrowed amount could be refunded.No landlord's attorney would EVER draft the agreement that way.
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