Legal Question in Real Estate Law in Utah
Do i have an equitable interest in my lease option? The option is now expired but it is unclear when it actually expires and I may have met enough terms in the additional terms to qualify for an extension. I have been paying an extra 200 per month even after the original expiration on the promise that it was extended on a month to month basis. I have paid a total of $18,000 towards the purchase price which equals 7.14% of the purchase price.
1 Answer from Attorneys
Generally unless the option is extended in writing and signed by the parties, there is no equity in the option. An option buys you "time" to make a purchase. You pay a fee. Also look to the contract which created the option for more information. You can always seek an extension, even if it has expired by using the proper language.
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