Market Conditions in Chicago>Question Details

Selina Holmes, Home Buyer in Chicago, IL

I want to puchace a rent to own move in ready, already in contract on fixer upper rent to own will I be held liable if I walk away

Asked by Selina Holmes, Chicago, IL Tue Jul 17, 2012

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Ivan Sagel’s answer

It is best to have your attorney read anything before you sign. Most likely, you will lose any earnest money you have commiting yourself to purchasing the property.

Ivan Sagel
1 vote Thank Flag Link Tue Jul 17, 2012
Usually you wouldn't be held liable but as Ivan stated, have an attorney read over the agreement before you sign. In a Rent to Own you would usually just lose your initial deposit plus any monthly credits you had accumulated under the agreement if you walk away.
0 votes Thank Flag Link Wed Sep 19, 2012
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