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Can I get my $8800.00 deposit back??
Hi... I signed a standard "lease to own" agreement 9 months ago... For reasons beyond my control I cannot sign a new lease agreement... I have to move back to where I came from... I put $10,000 down from which they took $1000 for first month's rent and $200 for a security deposit. The $8800 that is left is UNREFUNDABLE according to them... I read in their literature that they usually ask for 5% down... in my case they asked for almost 10%. The asking price of the home was a bit more than $100,000. My question is is there ANY way or reason I can use to get some or all of my deposit back. I am disabled and this was aLL MY SAVINGS.. I'D APPRECIATE ANY ADVICE! I really can't afford a lawyer so PLEASE help.. Thanks!! Marty
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A Lease to own purchase of a house, http://www.mtgprofessor.com/A%20-%20..._purchases.htm
You have to pay an option price, which gives you’re the right, but not requirement to buy the house after so many years. Usually that option price is b/w 1 to 5%. You paid 8800/100000 = 8.8%. That is higher than average, but what does it state in your contract. If your contract agrees to 8.8% option price, or $8,800, then you are out of luck. You need to read over your contract very carefully. What it says in their literature (as in flyers?) is irrelevant. Read your contract. |
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