Can I Sell A Property That I Have A Lease Purchase Agreement On?
I am buyin a property on a lease purchase agreement with a five year ballon. 3 years has past and I would like to sell the property. Dont I have the right to sell the property exercising my right to buy the property?---The owner had talked to me a few months ago i had called her because I was going to be late on the payment. She mention that now would be a good time to try to get a loan and pay her for the property since the interest rates are so low. I thought that would be a good idea. So I try to get a loan and find out my credit is not good enough, so I was trying to figure out what I could do to try to get some of my money that I have invested in the property. 3000 option money and 450 a month for pymt for 3 years = $19200. So I am assuming that I can sell the property and recoup some of my money and it would pay the owner off too. So I call a realtor and this is the first time they have encounter this type of transaction. Finally they said they would list the property if the owner would sign a paper for them which mainly stated that they were representing me to sell the property and that for them to so this they would have to do a simo-closing and that she understood that . So I thought I would call the owner and tell her the good news that I was going to sell the property and that she would be getting her money a lot sooner than 2 more years--(the end of the five year ballon). She said (Hell No that I could not sell her property). Dont I have the right to exercise my option to buy by selling the property? Then she started saying that because i was late on pymt over the 3 years that our contract was no good. She has accepted pymts after those late payments and all pymts are current now. She did not at the time even charge me for being late. Someone with the knowledge please give me some advise on what I can do? Thank you 
Dont I have the right to exercise my option to buy by selling the property?
If your contract states in any way that the option is lost if payments are late then this it could be unavailable unless you can negotiate with the Seller.
With a possible equitable interest issue I would recommend a visit to an attorney to check out all your options.[ Edited by am87 on Date 12/07/2003 ]
I had the same problem on a contract for deed. I was later than you and still was. This does not cancel or chsnge your purchase agreement. The Realtor is smart though. It will be messy if the seller does not go along with your idea to sell. We had to hire an attorney as the seller had hired one and filed eviction against us. After our attorney had showed their attorney their errors they backed off and let us get the financing. It cost us $800 in attorney fees. You may have to do the same or even end up in court. Being right does not make it happen. Wish I could help more. Hope you can work it out. Maybe a hard money lender or another mortgage broker can help
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr