Legal Question in Real Estate Law in Virginia
We have a rent to own agreement but the renters do not qualify for a loan.
We have a regular, standard rent agreement altered adding the given amount of money monthly to be put into account for the purpose of purchasing the house. We have been attempting to get the renters to commit on sale for over a year now. They do not qualify for a loan for the amount the house is worth. Can we give them 30 notice and be free from this agreement?
2 Answers from Attorneys
Re: We have a rent to own agreement but the renters do not qualify for a loan.
To answer your question it will be necessary to see the agreement. As a general rule, if the lease is for a stated period of time, with an option to buy, the tenant may have the right to stay in possession until the end of the lease, so long as not in default. This might be true, even if the tenant does not ( or can not) exercise the option to purchase.
Re: We have a rent to own agreement but the renters do not qualify for a loan.
Not enough information to answer. I would need to look at the agreement you signed. some go as far as being a real "contract for deed". Sorry... need more information.
Tiziana Ventimiglia
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