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lease option agreement

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Phorne

Guest
What is the name of your state?
California

We entered into a lease option agreement on a 4 acre property with two mobiles and a garage on it. We put a down payment of $2000 on it with another $2000 paid to the man who originally signed the lease option with the owners of the property. The lease option agreement allowed for the original signer to sell his interest in the lease without written notice to the actual owners.

I have two problems. We have been here for one and 1/2 years and the lease agreement allowed for $140 of our rent going towards the down "at the close of escrow". We decided at the end of 2001 to take our option. In the process we found out that the two mobiles were never permited and the owner who inherited the property from her deceased father tried to get them permited. The county has decided to make us remove the mobiles and leave the property without any residences.

Because the property is not what it was sold as, do we have a right to expect the owners to pay us back all monies we have paid in? The $2000 down, the $140 per month.

Also, can we sue for the $2000 paid to the original person who signed the actual lease option? I mean can we sue him for a bad deal. He claims to be an investor and puts these deals together for people while claiming to check out these properties to make sure they are good.
 


HomeGuru

Senior Member
Phorne said:
What is the name of your state?
California

We entered into a lease option agreement on a 4 acre property with two mobiles and a garage on it. We put a down payment of $2000 on it with another $2000 paid to the man who originally signed the lease option with the owners of the property. The lease option agreement allowed for the original signer to sell his interest in the lease without written notice to the actual owners.

I have two problems. We have been here for one and 1/2 years and the lease agreement allowed for $140 of our rent going towards the down "at the close of escrow". We decided at the end of 2001 to take our option. In the process we found out that the two mobiles were never permited and the owner who inherited the property from her deceased father tried to get them permited. The county has decided to make us remove the mobiles and leave the property without any residences.

Because the property is not what it was sold as, do we have a right to expect the owners to pay us back all monies we have paid in? The $2000 down, the $140 per month.

Also, can we sue for the $2000 paid to the original person who signed the actual lease option? I mean can we sue him for a bad deal. He claims to be an investor and puts these deals together for people while claiming to check out these properties to make sure they are good.

**A: yes, sue them all. By the way, the next time you make an offer to purchase, make sure that you check to see if everything is legal and permitted.
 

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