Q: I have entered in a lease to buy option with my landlord and now he does not want to sell after signing contract.
I have been running my business for 2.5yrs now… I called my landlord to notify him that I would like to purchase the building as stated in our lease contract… but he said he does not want to sell… what will I do if he don’t sell it to me? I have paid Rent, property tax and insurance every month even during the pandemic… he is pointing to a clause in our lease that I had not given him $100 cash or check during signing of the lease… even though I did… he is asking for a receipt of $100 which he never gave to me as it was done on hand shake… how can I tackle this… I have invested a lot of money for tenant improvement and i cannot move my business at other location as it is a liquor store… and I have to go through the whole process again and there will be financial loss…
A: Dear Lessee With Option To Purchase: The best and most urgent advice I can give you is (1) read the lease and understand the manner in which you must "exercise" the Option, then (2) exercise the Option in that manner (normally, with a written notification, sometimes via certified mail). In any event send out the Notice of Exercise of Option immediately, via email and USPS / Cert Mail. Keep a copy. Move forward with the pursuit of the exercise and inform the Lessor that you will initiate litigation if they don't accept the exercised option. Meantime, get your finances in order as you will need to perform (i.e. purchase). You may need Legal Counsel to assist in serving out a Legal Demand subsequent to your exercise of formal Notice. JIM GREER is an attorney licensed to practice in CO and CA and has specialized in real estate matters for the past 34 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party. 303.818.8422
1 user found this answer helpful
A: You may have more leverage here than you think, so long as the Option Agreement is in writing. A strong Demand Letter from an attorney may be enough to show this seller that you will not simply walk away and intend to take action to enforce your rights. Contact an attorney you have too much to lose to try to do this yourself.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.