Legal Question in Real Estate Law in Texas

Lease Question

We are currently in a Lease with Option to Purchase, we have decided not to exercise the purchase option. What happens to the lease now and how do we exit the property?

We deposited 4000.00 into an escrow account to be applied to the purchase price upon exercise of the option, can we get any or all of the money back if we leave the property in good repair?


Asked on 7/30/02, 11:58 am

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Lease Question

Read the contract (lease). It should spell out you options. Generally on a lease you must give 30 days notice of intent not to renew. Look at your lease to determine notice requirements. I wouldn't think you money to be applied to the purchase would be forfeited, unless part of your lease payment was applied to the purchase price , if you elected to purchase. Larry Maun 713.266.2560

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Answered on 7/30/02, 12:10 pm


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