QUESTION
I have a home that I leased with option to purchase 4 years ago. tenants were to buy the home after one year. Well they never did. Now I have told
Asked on Feb 14th, 2013 on Real Estate - Texas
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them to either buy or get out. They gave $10k down to secure they would purchase the home after a year. They dont want to move now and claim that the VA will not finance them because I dont give them all my bank information. They have requested I give them there money back , but they broke the agreement 3 years ago. It has become a big fight between us. They said they have done work to the house and what now which they did my choice, I just to know where I stand legally can I evict them and do I have to give them there down payment. They have been late almost the entire time. Have written me a hot check and yes I still let them remain there but now its to much I cant afford to keep the home and need it out of my name. Can you tell me what I can do at this point
1 ANSWER
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Russel L. Robinson
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In order to get a definitive answer you will need to bring all of your paperwork to a real estate attorney to review. However, it sounds like you have created what is known as an "executory contract for conveyance of real property." If that is true you have numerous obligations under the law from the inception of the transaction forward, including, but not limited to, providing them with annual accountings of payments of interest and principal, how you have handled insurance proceeds and taxes. the statute is very buyer friendly. I suspect that you may own significant penalties under the law, and that they have the right to demand that you repay them everything they have paid you whether it is called rent or something else. I think it is urgent that you confer with a real estate attorney in your area right away.
Russel L. Robinson
Answered on Feb 14th, 2013 at 4:18 PM