Legal Question in Real Estate Law in Trinidad and Tobago
A contract is signed to occupy a premises with the agreement that it would be a rent to buy arrangement where the rent goes toward reducing the balance of the outstanding amount of the sale price of the property after a d10% deposit has been made. The tennant has one year to source a mortgage or make full payment to the landlord. Tennant is approved for the mortgage 3 months prior to deadline date of the contract, the landlord does not have legal requirements in order so the transaction cannot proceed. Does the Tennant have ta legal right to have the downpayment returned.
1 Answer from Attorneys
If the Vendor does not have good title for the property, the Purchaser can recover his deposit. In your situation however, equity would require that a payment provision is made for your use and occupation of the premises during the last 9 mos or so.
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