Thread: lease purchase

I am in a two year lease purchase contract with a local relastate company. I just found out one year into the contract that the owner has defaulted on his payments and the property is now going into forclosure. Is there anything I can do?? Please help!!

It’s clearly a breach of contract by the landlord because the property is at risk.
You could break the lease and move out, but chances are landlord won’t give back your deposit. Call the landlord and ask what the plan is. Sometimes going into foreclosure doesn’t mean landlord is going to loose the property landlord may find resources available to redeem the property and work out something with the bank. Short Sales are famous for this.
But the best thing is to send the landlord a seven-day letter-demanding landlord fixing the problem. Let landlord know you are going to withhold the rent thus you won’t lose your deposit because you are withholding the rent and start looking for another place to live. You may soon get evicted from the apartment.

The risk of faced by the property, undisclosed by LL to you, constitute breach.

Hi Friend ,
The best thing is to send the landlord a seven-day letter-demanding landlord fixing the problem. Let landlord know you are going to withhold the rent thus you won