Buyer / Tenant Default On Lease With Option To Purchase
I had 2 potential buyers sign Lease Option to Purchase agreements to purchase 2 of my properties. Trying to work with the potential buyer in situation #1, I agreed to take the title of the buyers car as collateral for the downpayment ($6000). The downpayment needed to be paid in full by the end of the lease... After the lease was up, I had never received a penny towards downpayment, he left town and left me with no downpayment, no final months rent, a trashed home, and no car. Can I legally report the car stolen? (I still have the title and agreement to hold until downpayment is made). Can I sue (assuming I can track him down to serve the papers) for the downpayment amount/rent/damages etc. and have a strong case?
Situation #2, again being flexible with downpayment requirements, I agreed $4000 downpayment to be due after 3 months. After a month and a half, I receive no down payment and he decides he no longer wants to buy the place and moves out. Again, Do I have the legal rights to sue for the downpayment and remainder of rent on a 3 month lease option?
In both instances I agreed to low rents to help the buyer, and obviously both took advantage of me. Trust me when I say I learned my lesson, but now I need to fight this if I can. Situation #1 lawsuit would be over $10,000, where #2 would be under $5000 which would be small claims...state of Florida.
Any help and advice is greatly appreciated. Thanks
Re: Buyer / Tenant Default On Lease With Option To Purchase
A lease with an "option" to purchase is different from a purchase agreement. Apparently the tenants are choosing not to exercise their option.
I can't evaluate a contract I haven't seen. Consider taking your contracts to a local real estate lawyer to get help determining if you have any remedy.