Mark in St. Louis 0 Report post Posted April 26, 2004 Michael, I did a sandwich LP with a seller last Dec. i filled the house in about 30 days but have since had to have my T/B evicted. I have been marketing the home with no luck so far. I am about to give up on this one. My question: Can I just call the seller back and tell them i can no longer afford to pay on their vacant house and cancel my contract with them? By the way, it was for 24 months and I used your contract...as is. Is there a weasel clause that will let me out of the contract? Thanks! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted April 26, 2004 Check out paragraph 21. Early Termination. Share this post Link to post Share on other sites
Mark in St. Louis 0 Report post Posted April 26, 2004 Hmmm....so does that paragraph mean that if I send notice today, I owe them only for May's rent? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted April 26, 2004 Indeed, it does, Mark. Also, Paragraph 23 addresses the issue: Remedies Upon Default. Share this post Link to post Share on other sites
Mark in St. Louis 0 Report post Posted April 26, 2004 Hmmm...interesting. One other question. Lets say I send them notice today....and pay for May's rent. Does that still give me the ability/right to market the home for the entire month of May? And if it does, and I find a new T/B, can I then re-execute the original agreement with another notice/letter? I'm sure you can see what I am driving at. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted April 26, 2004 I'm sure you can see what I am driving at.Sure, you're trying to cut your losses and turn a lemon into lemonade. Lets say I send them notice today....and pay for May's rent. Does that still give me the ability/right to market the home for the entire month of May? And if it does, and I find a new T/B, can I then re-execute the original agreement with another notice/letter?I'm not an attorney, so don't take my word as the last, but I would think that if you send a termination letter to the homeowner you probably have relinquished your rights under the terms of the agreement to go and put another tenant/buyer in the property without the homeowners consent. However, should you find a buyer prior to the end of May, you may still have the right to exercise your option to purchase since your termination hasn't yet gone into effect. This is a matter for greater legal minds than I, Mark. I'm still working on legal ways to avoid paying taxes and parking tickets. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted April 27, 2004 What type of marketing are you doing? What does your add say? I have found that a very general add works i.e. rent to own 3/1.5/1 low down credit prob ok 50% Rent Credit(town or area of town) call xxx-xxxxno call after 9pm please When they call (and they did for me) blame the paper for not putting the rent $ in the add. Also, give the sense of urgency, wow you are the 12th caller and this is the first day of the add. A. I have someone in there but they will be out by friday would it be okay to call you back with the info? what is your name? Number? how much do you have to put down? I will call you with the address. B. Get all the info name number $ down, give the address and let them call back. If they don't you can call them. Share this post Link to post Share on other sites