If youâ€™re not willing to proceed with the purchase contract you should contact the landlord near the end of your rental agreement and ask them what your options are. They may continue to allow you to rent, especially if you are a tenant who paid the full rent on time and took care of the property. Remember the landlord is an investor, if itâ€™s good for them and good for you they have no reason not to continue this relationship of landlord and tenant.
Regardless your deposit should be returned to you at the end of your lease PROVIDNG you left the property in good condition, unless it wasn't a deposit but an option to buy payment. I return deposits as long as the tenant leaves the property is left in good condition and I can immediately rent or option it again. This is all printed in my documents so look at your paperwork to find more answers.
Good luck and if I can help please contact me. Dan Trembulak, licensed real estate broker, Buy-Sell Realty Inc. Seminole, Florida. E-Mail: RealtorDan@Juno.Com or 727-393-6500.
The contract most of the time covers this issues. Like Ute said It constains legal languague.If you enter into legal contract you must read it. I strongly encourage you to read it .
The way it sounds from what you described, you should still be able to lease the home until the end of the lease term regardless if you don't want to purchase the home. The option gives you just that, the option to purchase the home if you choose to. The option protects you from the owner selling the home to someone else within the term of the option agreement.
For the best advice on your situation, please consult a real estate attorney.