OfflineI signed a contract to rent to own and made a payment of $10,000 towards the down payment of the house. I decided not to buy and moved out. There was nothing in the contract stating the $10,000 was non refundable. Does anyone know if it's possible for me to sue to get that money back?
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How was the $10,000 accounted for and described in your contract with the seller?
Consult an Attorney!!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Was paying $1320 in monthly payments.The $10,000 was plainly stated to go towards the down payment if we bought the house. We were given 2 years to decide and refinance
That is all standard lease with option to purchase stuff. Was it a lease with option or a lease to own? Once again take your contract to an attorney!
Michael Mangham
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
You stated there was nothing in the contract that said the $10,000 was non-refundable. I'm guessing that there was also nothing in the contract that said it was refundable. What the contract did say was that the $10,000 would be applied to the down payment if you elected to buy the property. You elected not to purchase the property. Based on the above, why do you think you are entitled to the $10,000.
NON-REFUNDABLE--Check your contract. Did you enter into this deal without talking to a RE attorney? I think it is time to call your attorney..Jan
I agree with the others here - consult a local attorney. It's debatable whether you could get your $10k back.
Good luck!
Real Estate Investor, if you would like the chance to work with me in the US East Coast, send me a PM (Private Message) anytime to see if we are a good fit for each other.
Wishing you abundance,
Ken Siew