Asked by Chris Frederick, Watertown, MN • Sun Apr 5, 2009
Hello. We entered into a lease purchase agreement longer than normal terms (37 months). The sellers signedthe agreement willfully. However, since then, they learned that under this contract, they are going to have to pay quite a bit in taxes. They have talked to their accountant, and have offered us two options.
1. Modify to 1 year.
2. Release the contract.
These are not acceptable to us. We cannot do 1 year and we do not want out. My question is this, can they keep us out on the date the lease kicks in? Do we have a legal right to move in that day? Also, can they fight in court to cancel the contract, and if so, can they be successful. They signed a standard lease and purchase agreement through the realtor.
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