Lease with Option to Own Mess

Jul 24th, 2007, 05:10 PM

I entered into a lease with the option to own agreement two years ago. I placed a $5000 dollar deposit down in addition to $2200 for the security deposit as well as $2200 for the first months rent. I tried securing financing for a mortgage in order to purchase the home with 4 different institutions and was unable to do so. I will be moving at the end of the month, but my landlord refuses to return the $5000 dollar deposit. I did sign a contract stating that it was non-refundable, but given the circumstances do I have any recourse?

randalljd · Jul 25th, 2007, 06:27 PM

If you contractually agreed it will be difficult to get around that. You would have to argue that they breached the agreement somehow etc...Is there any chance of that?

Jul 26th, 2007, 01:01 PM

I handle lease option purchases on a regular basis. The loan must be structured differently then a standard purchase transaction to successfully take advantage of your option contract. If your several attempts at qualifying involved walking into a bank or lending institution I may be able to assist you.

You can contact me at JB@REDEFI.com

msgny · Jul 27th, 2007, 03:10 PM

wld does not know these people posting so research anybody you may use carefully

Jul 24th, 2007, 05:10 PM	#1
Unregistered Posts: n/a	Lease with Option to Own Mess I entered into a lease with the option to own agreement two years ago. I placed a $5000 dollar deposit down in addition to $2200 for the security deposit as well as $2200 for the first months rent. I tried securing financing for a mortgage in order to purchase the home with 4 different institutions and was unable to do so. I will be moving at the end of the month, but my landlord refuses to return the $5000 dollar deposit. I did sign a contract stating that it was non-refundable, but given the circumstances do I have any recourse?

Jul 25th, 2007, 06:27 PM	#2
randalljd Top Level Member Last Online: Jul 11th, 2008 12:49 PM Join Date: Mar 2007 Posts: 694	Re: Lease with Option to Own Mess If you contractually agreed it will be difficult to get around that. You would have to argue that they breached the agreement somehow etc...Is there any chance of that?

Jul 26th, 2007, 01:01 PM	#3
Unregistered Posts: n/a	Re: Lease with Option to Own Mess I handle lease option purchases on a regular basis. The loan must be structured differently then a standard purchase transaction to successfully take advantage of your option contract. If your several attempts at qualifying involved walking into a bank or lending institution I may be able to assist you. You can contact me at JB@REDEFI.com

Jul 27th, 2007, 03:10 PM	#4
msgny Top Level Member Last Online: Apr 6th, 2008 12:33 PM Join Date: Mar 2007 Posts: 233	Re: Lease with Option to Own Mess wld does not know these people posting so research anybody you may use carefully

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