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    Caliber3030's Avatar
    Caliber3030 Posts: 5, Reputation: 1
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    #1

    Mar 13, 2012, 01:58 PM
    How to obtain a judgement
    Default on lease with option to purchase
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Mar 13, 2012, 02:03 PM
    Depends on the dollar amount - Small Claims Court or a higher Court.

    We need more details, including the State or Country.
    Caliber3030's Avatar
    Caliber3030 Posts: 5, Reputation: 1
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    #3

    Mar 13, 2012, 02:15 PM
    Over small claims amount. In excess of $135,150.00. Tulare County Court. Visalia, CA
    Caliber3030's Avatar
    Caliber3030 Posts: 5, Reputation: 1
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    #4

    Mar 13, 2012, 04:08 PM
    Do you need more details. I responded the amount is in excess of $135k. Court would be Tulare County, in Visalia, CA
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Mar 13, 2012, 04:22 PM
    Are you saying that the seller defaulted? You exercised your option and the seller refused to close?

    You really need to consult an attorney on this one.
    Caliber3030's Avatar
    Caliber3030 Posts: 5, Reputation: 1
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    #6

    Mar 13, 2012, 04:38 PM
    I was saying the buyer defaulted and I had to take back property.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #7

    Mar 13, 2012, 04:48 PM
    If the buyer had exercised an option to purchase. The option became a contract to purchase. Subsequent to that, they buyer failed to close?

    You would file suit against the buyer, seeking a judgment for the purchase price less the fair market value of the property. You could also recover your costs incident to the aborted purchase, but the main measure of damages would be price less value (and less any earnest money paid).
    So how do you figure $135k?
    Caliber3030's Avatar
    Caliber3030 Posts: 5, Reputation: 1
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    #8

    Mar 13, 2012, 05:34 PM
    The option period was for 5 years. During that time he was leasing the property. After 9 months his checks started bouncing. (3) checks and three house payments behind. I was forced to evict him and save my property. 4 years and 3 months left in the option period, amounts to around $135k. Once again I know I will never get the money. I need to him to sign off his interest so we can close. He purchased for 425K the property is now being sold for 170k. No one is making any money. He is trying to exhort $3500.00 from me for his signature. I don't have it.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #9

    Mar 13, 2012, 05:55 PM
    Sorry no you don't sue for the rest of the option, you now try to rent it or lease it back out.

    He should not have any "interest of the property" on a lease to own, he is merely leasing the property and his name would not have ever been put on any deed.

    You merely sue for the amount of payments and bounced checkes he was behind
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