Help! L2O
I have a property on L2O for the past 4 yrs. ( sells price 85k 650 rent 250 credit ) So here is the problem after the 1st yr. the owner and myself agreed to wave the credit amount until option is exercised. So now the property value went up to aprox. 110k and I want to exercise in the coominging mounths and she wants to raise the price of sell. Fact the contract was for one yr. yet a renewal was nver signed but she still has my option money. :-?
Per your contract, you put up some money in exchange for the option to buy the place within 1 year. However, you chose not to use your option.
You are out of luck pal.
However, if you do have a lease or something indicating the montly credit (any current paperwork), you may be able to argue in court that the option is still implied, or that there was a verbal contract.
Litigation is expensive and i doubt that you'd come out ahead.
Generally, verbal agreements are worthless where there is a written one, especially with real estate. If the Contract isn't written to specifically assert that the end date is unequivocal, you might be able to assert that the Option extended, but that's doubtful.
[addsig]
thank you. So from now on my pen will be my sword... [ Edited by flyhomes on Date 10/25/2004 ]
always get it in writing.......km