Lease Option Problem??? Owner Spent Option Money

I entered into a lease option purchase agreement with a 5 year option to purchase. The owner spent the $45,000 option money before I exercised the option. I told her that I was giving notice that I was moving out and that she had to pay back the $45,000 security. (the lease option purchase price is $399,000 and $354,000 due upon the exercise of the option). She said that she will pay me back the $45,000 if the house sells for more than $399,000 but I have to pay the realtor’s commission, title fees and closing costs. I am disabled and don’t have the money for an attorney… the original agreement wasn’t notarized and recorded as it should have been. Our mutual realtor and broker and the owner wrote up the original agreement, and I believe that they are liable for this mess as well… I’m at a loss and feel like I’m being blackmailed by the owner, who says if I don’t agree she will try to evict me, and that I have a lease for the next 4 years as well. I believed that If I choose not to purchase I would get the $45,000 back and would just needed to give notice that I was moving out and that would have been that. Talk about being mislead…



altered due to rules violation

I would contact an attorney and look at putting a 45K lien on the property. That way she cannot sell the house without paying you your money.

The Option Fee is just that a Fee. It is non refundable. You my friend are out of luck…

You should never sign something you don’t understand.

If you can’t afford an attorney, contact the consumer protection division of your state’s attorney general.

Cooley I’m afraid is correct. Option Consideration is always non-refundable unless its stated refundable in your contract. Herbster