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Submitted 367 days ago...
Need help! Landlord is going back on my lease? Can they really evict me?
So I found this real estate management company that said they took houses on the market that the owners were trying to sell. Then they found investors to use their name and good credit to take out the mortgage on and the management company would find and manage renters. The renters would stay in the place for 2 years and have an option to buy. The management company makes money through the lending and the investors make the equity.
Then comes me - I am the renter. I get discounted rent and an option to buy in 2 years. Thing is, the management company defaulted on their deal with the investors and the investors want the apartment back even thought I have a 2 year lease agreement. Can they really evict me?
Answer 1 / 2
Submitted 367 days ago...
Technically no... Once they gave permission for the management company to rent out the apartment they are as tied into the contract as the management company. The problem is do you have the time and money to risk staying in an apartment. You'll have to miss work for a hearing, pay lawyer fees and if you lose you will probably lose your deposit, have to pay moving fees and possibly the layer fees for the owners of the apartment. You may lose a little having to move so soon after you moved in, but compared to what you are up against it may be better just to leave.
This Question was awarded 362 days ago therefore you can no longer post an Answer. However you may post a comment below.
Comment 1 / 2
Submitted 85 days ago...
NO! They CANNOT legally evict you. You are under what they call a lease/option agreement or what is also known as a land contract. Unless you have somehow defaulted on your end of the agreement, there is no legal way for them to remove you from the premises without first offering you the purchase. NOW... even though your contract is through a third party, you still have an entitlement to the property. The owners have terminated their contract with the management company due to their default, but you are still bound, as are the owners. Instead of going through the eviction process, you need to ask for a copy of the agreement that states the management company had the legal right to "rent" the property to you on a lease/option basis. Once you have that, and as long as it is legit, you contact the property owners with your binding contract and make them an offer. If they are wanting to go ahead and sell the property and you are willing to buy it at this point, make that offer. If you are not prepared to purchase the property right now, try to negotiate a different time frame with similar terms. If they are still dead set on you moving out, let them know that since there are binding contracts in place, you are entitled to your deposit and all extra moneys contributed towards the purchase of the property, as well as your moving expenses being bourne by them. If they still insist on an eviction, get a good attorney and hold on, cuz it's a long bumpy ride!
Comment 2 / 2
Submitted 61 days ago...
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