Q: I am in a lease/option contract. The owner and I have found a buyer and is under a contract. Doesn't that void mine?
The buyer has a 30-day contract to buy the house..the title work was begun a month before his contract was signed. There is a 'gap in ownership' that the title company says is not an easy fix. They claim it could drag on for awhile. The owner is doing nothing to repair the title and obviously never has. I have been paying faithfully for 3 years and have also pad the property taxes, which are coming due again. If I were to exercise my option to buy, I would most likely have the same problem with the title. Is her contract with me legal and binding? Has it really ever been legal and binding?
A: More information is needed to really answer this question. The contract would need to be reviewed to determine if it was valid to begin with, or if there has been a breach.
Depending on the problem with the title, it may not be worth exercising your option right now.
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