Legal Question in Real Estate Law in Georgia
lease/purchase property
If you signed a L/P contract, with payments going toward the purchase. The contract stated you had to get a mortgage by 2 1/2 years later, but you did not get one and you stayed in the house for 1 1/2 years more, then moved to buy another house.
Is this a breach of contract and should you be entitled to any money from the sale of said residence
2 Answers from Attorneys
Re: lease/purchase property
An attorney needs access to the contract and other information; which will inturn be reviewed in order to answer your question.
Re: lease/purchase property
Read the contract. Does it say that the tenant somehow gets an ownership interest in the house even though they did not get a loan and actually buy it? Most do not. Normally, the tenant risks the money they pay, but the contract can state otherwise. Obviously, it is not a good idea to enter any contract without understanding it.
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