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Do You Get Money Back at the End of a Rent to Own Agreement

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  • 05-04-2018, 02:31 AM
    Slanesluth77
    Do You Get Money Back at the End of a Rent to Own Agreement
    My question involves landlord-tenant law in the State of: In Arizona I put down $30000 on a rent to owe the agreement was verbal for 5 years after 6 years I stepped away from the house do I get any of that money back.
  • 05-04-2018, 04:51 AM
    Catmad
    Re: Deposit Return
    You will need to give a few more details, but probably not. Real estate transaction must be documented.
  • 05-04-2018, 06:28 AM
    Mr. Knowitall
    Re: Do You Get Money Back at the End of a Rent to Own Agreement
    You should show the written contract from the rent-to-own agreement to a lawyer in your state for review.
  • 05-04-2018, 07:32 AM
    llworking
    Re: Do You Get Money Back at the End of a Rent to Own Agreement
    Quote:

    Quoting Slanesluth77
    View Post
    My question involves landlord-tenant law in the State of: In Arizona I put down $30000 on a rent to owe the agreement was verbal for 5 years after 6 years I stepped away from the house do I get any of that money back.

    Why did you step away from the house rather than selling it?
  • 05-04-2018, 10:37 AM
    adjusterjack
    Re: Do You Get Money Back at the End of a Rent to Own Agreement
    Quote:

    Quoting Slanesluth77
    View Post
    My question involves landlord-tenant law in the State of: In Arizona I put down $30000 on a rent to owe the agreement was verbal for 5 years after 6 years I stepped away from the house do I get any of that money back.


    2017 Arizona Revised Statutes Title 44 - Trade and Commerce
    44-101. Statute of frauds
    No action shall be brought in any court in the following cases unless the promise or agreement upon which the action is brought, or some memorandum thereof, is in writing and signed by the party to be charged, or by some person by him thereunto lawfully authorized:
    6. Upon an agreement for leasing for a longer period than one year, or for the sale of real property or an interest therein. Such agreement, if made by an agent of the party sought to be charged, is invalid unless the authority of the agent is in writing, subscribed by the party sought to be charged.


    So, no, you don't get your money back.
  • 05-05-2018, 07:55 AM
    Mr. Knowitall
    Re: Do You Get Money Back at the End of a Rent to Own Agreement
    The statute of frauds is irrelevant to the question before us. Even if we assume that there was no written contract underlying the transaction, we have part performance. Also, the statute of frauds is a defense to the enforceability of a contract -- it is not a tool to take somebody's money then claim that as the contract was oral they can't get it back even though you didn't deliver.
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