Legal Question in Landlord & Tenant Law in Texas

terminating lease option to buy contractmy husband and his ex-wife

My husband and his ex-wife owned property together, they decided to lease it with option to buy. Contract was signed by all parties giving the leasee 1 1/2 to purchase or terminate agreement, during this time my husband decided to buy-out his ex-wife and keep the property. On April 26,2004 we became the new owners and would like to move into the house what is our legal right as new owners, can we terminate the option to buy and let them continue lease till the end of the lease agreement or do we have to sell to them. The option to buy was just written at the buttom of a lease agreement contract. They did not put any money down.They have continued to pay monthly payment. Can we ask them to terminate the lease prior to Dec. 2005 as stated in the lease agreement.


Asked on 5/03/04, 10:42 pm

1 Answer from Attorneys
Robert Restivo Restivo Law Firm

Re: terminating lease option to buy contractmy husband and his ex-wife

Howdy:

The first question is can you move into the house before the end of the lease. The answer to that question is no. When your husband bought out his ex-wife, all he bought was what she had to sell, and that was a leased property. He bought subject to the lease. So, if the lease runs until the end of next year, then that tenant has possession until that time, provided they make the required lease payments.

Regarding the option to buy: If no additional consideration was paid ... an option payment ... then it is probably unenforceable. But, one never knows how a court will rule.

If, on the other hand, some consideration was paid for the option, then it is enforceable for the term of the option.

Hope this helped.

rkr

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Answered on 5/03/04, 11:15 pm


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