Legal Question in Real Estate Law in Utah

Assignment of Agreement
We own a house that is under an agreement of Lease to Own. This contract comes due in May, 2008. At which time the Lessee must either purchase the property or terminate agreement. The Lessee has the right to assign the agreement to another party. The Lessee would like to make an assignment of agreement to another party and move out to purchase a larger house. What obligations does this Lessee have to us? Once the Lessee finds a party to take over his agreement, is he free to walk away with no binds or further obligations? Or does he still have a tie to the agreement. And do we need to have the new party sign an agreement with us? Are we bound to the original agreement with the new Lessee or can we make modifications?

Asked on 4/27/06, 6:05 pm

Alvin Lundgren Alvin R. Lundgren, L.C.

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Re: Assignment of Agreement

The terms of your lease option agreement govern. Without reading the agreement there is no way to tell.

Answered on 4/27/06, 10:36 pm

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