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we have a home in montana that is on a lease option.the buyer's have been late on the first two payments and have taken to remodeling whatever they choose,our terms say that the payments are to be in the banks on a certain date and they haven't been.
I would terminate the lease in accordance with your contract and get a new renter. If they can't pay their rent on time do you really thing they are going to be able to exercise the option to buy when the time comes?
They've taken to remodel whatever they want to? Is that in the terms of the lease?
If not, that's a BIG no-no and you may very well be entitled to their deposit. I would contact an attorney.
we have a home in montana that is on a lease option.the buyer's have been late on the first two payments and have taken to remodeling whatever they choose,our terms say that the payments are to be in the banks on a certain date and they haven't been.
They're late on the FIRST two payments? Ohh, this is not going to be a fun year.
Get in touch with your attorney quickly, and make him aware of the situation, so that you can be ready to do what you must, should the time come. Read your lease or have your attorney read it, to see what penalties & remedies are in place for late payments.
I'm reading two different things. One person put it as they ARE late on their first two payments and it appears that the OP says they WERE late on the first two payments, meaning both payments were received but not on time.
If it is the latter, then how late? Is it possible they are just not mailing the payments in enough time to get to you on time? Or were they really late, as in a total breach of contract?
I'm reading two different things. One person put it as they ARE late on their first two payments and it appears that the OP says they WERE late on the first two payments, meaning both payments were received but not on time.
If it is the latter, then how late? Is it possible they are just not mailing the payments in enough time to get to you on time? Or were they really late, as in a total breach of contract?
That's a great point, Tami. Is it possible that they sent it out and it just didn't clear & get credited to the Landlords account on time? Then it's just a matter of letting them know so that they can mailit a day or two sooner, or maybe even set up an online payment.
While I am not an agent, once again I say to sellers and buyers either lease or own. Lease options/rent to owns are for the birds.
These people have a false sense that they are owners or close enough. What if they are doing completely shoddy 'improvements' and then you end up with the house back in a year?
Good luck.
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