Lease To Own /divorced Parties
We have a house that a couple signed a lease to own contract in December 2003 where they paid $1000 down and monthly payment until Dec 2005 at which time that will obtain a loan and pay us off. The problem is they were late with this month's payment so we went by and the man told us he and his wife were having problems and he gave us the June pymt. Do we have a prob with the contract since her name is on it too? If they divorce, how does this affect the contract? He acted like he was going to continue to live there and make payments.
Thanks
Ran into the same scenario. Both parties are still responsible for the lease, but you need to keep on top of things. You need to let them know that if one of them leaves, and one of them stays, the lease needs to be re-done. If neither are wanting to stay, I have found it best to part ways. You need to keep an on-going open line of discussion with these people. Don't let it turn into a problem, but you don't want to worsen their situation by trying to force them to stay,etc.. Try to remedy the situation before it goes any further
On another note, I have had tenents use this as an excuse to be late on their rent, or to get out of a lease. Best thing to do is to ask questions, and nip it in the bud now. [ Edited by miraclehomes on Date 06/14/2004 ]
Thanks for the advice. I will contact him and let him know that the contract needs to be redone.
Thanks again.