Q: Can my seller/landlord decide to opt out of our lease to own contract?
We have paid our consideration fee, monthly payments and have done improvements. We have insurance in our name. Previously he said he wanted to opt out but he didn't think we had insurance and liability on the property. We have a contract that states we have 100% use of all property and can make improvements and upgrades as we deem necessary or desired at our expense. We have occupied the home for over 30 days.
Thank you for your help.
We have receipts for consideration down payment, first months payment and second month payment. He seems to have changed his mind of the contract but has no real reason. Other than he doesn't like the way we fixed a fence or fixed the holes in the yard.
A: Whether the landlord/seller can "opt out" or terminate the "lease to own" contract depends upon the wording of the agreement and possibly other factors. You have not furnished enough information for a definite answer. You may wish to consult with an attorney.
A:
I STRONGLY urge you to consult with a LOCAL real estate lawyer in the County where the land is located. If the option to purchase was properly worded, there shouldn't be an 'opt out' clause in it, but without seeing the document it is impossible to say what is going on here. Seller's remorse? Something more? I'd suggest you go back to the attorney who reviewed the agreement for you when you signed things the first time.
Seek local legal help, and if you didn't do that at the time of signing the documents, RUN do not walk to do that now!
--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!
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