seller's question (sales, real estate, foreclosure)

[mccrumnorris]

we are selling our home in montana on a lease option,the buyer's have been late on the first two payments and have taken to remodeling anything they choose.can we legally terminate the lease option and get them out.

[allforcats]

What is the wording in your lease regarding: payment dates and lateness penalties; and remodeling?
I think you'd be best advised to ask this question on the Real Estate forum. Lots of experts reside there...

[rickers]

It all depends on how the contract is structured.

[grizzfan]

I probably don't have to tell you this now, but people who buy on contract for deed are generally those who don't qualify for a conventional real estate loan, largely because they don't pay their bills. You should have known this going in. Now you need a lawyer who deals in real estate. Good luck.

[rickers]

I considered selling our place on a rent to own type of contract but decided to rent it out with a yearly lease and I'm glad I did, (so far) ! We are using the income from that place to acquire another income producing property.

[ElkHunter]

I sold my house. We shook hands. Didn't draw up any paper. The lady that bought the place said, "I have these papers...." I said, "What for? We done shook hands, I have the deed here and when you hand me a check, I'll sign it. That's all the paper we need." Why complicate things.

One house, one deed, two signatures, and a handshake. What more is there?

[allforcats]

Originally Posted by ElkHunter

What more is there?

Integrity.
Some folks are missing that piece of the puzzle...

[jimj]

Originally Posted by allforcats

Integrity.
Some folks are missing that piece of the puzzle...

Exactly right! Especially when it comes to money.

[imbobbbb]

well what does your lease say?generally those who lease with option to buy are considered 'renters' not 'buyers' until such time as the lease expires and they decide whether or not to exercise their 'option to buy'.you can only terminate the lease if they violate it and the penalties for paying late should be clearly spelled out in the lease.generally renters are not allowed to remodel without permission but that should be in the lease also......if what you actually did was sell them the house and 'owner finance ' it then you have a different situation where remodeling would be none of your business unless the sales contract forbade it.late payments can incur a penalty which should be in the sales contract but you generally cant foreclose until they are ,depending on the state,30-120 days in default.they can stop or at least stall the foreclosure by filing for bankruptcy[if they are buyers not renters],sometimes for quite a while.i would take your paperwork to an attorney who can better explain what your rights are in your state.if you dont do things right you can be sued and their remodeling will be the least of your worries...goodluck and let us know what happens

[countess1166]

They are flipping. It might turn out OK. You could have put in the lease
no repairs etc without lessor's consent and evict them if they violate that clause.