Could you tell me how much time someone has to cancel a lease purchase agreement/contract?

Asked by Cheryl Wellman, Marietta, GA Sun Jan 25, 2009

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Derek Bauer, Agent, South Lyon, MI
Sun Jan 25, 2009
This has already been alluded to, but we would need MANY details to help with the answer to this question. Thus, our blanket answer should be to recommend that you seek legal counsel.
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Isaac Bensus…, , 92037
Sun Jan 25, 2009

Are you talking about a lease option agreement? If this is the case, most of the time, unless something to the contrary is written in your lease option agreement, your penalty would be to lose your option money deposit that probably you paid when you enter into the lease option contract with the Seller ;and also you lose, the portion of the rent payment that per usual arrangement with the Seller, goes towards the downpayment. Check your contract and check with an attorney or an expert real estate professional for an opinion. Good luck.
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Chad Mustin, , Greenville, SC
Sun Jan 25, 2009
In a vacuum without more details, this question is difficult to answer. You need to immediately check your contract to see what provisions are included. If there's a time limit, it should be stated. Or if the contract is for a stated period of time, that will be enforceable, meaning the lessor can choose to seek damages if the contract is canceled. Absent a clear wording in the contract to answer your question, you need to speak to an attorney.
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