IndyGunworks
Grandmaster
My neighbors next to me have offered to either rent, or rent to own my house from me when my wife and I finally get our house built here in a few months. They however just signed a new lease for the term of 1 year. They have been in the house for almost 3 years and the middle year they were not technically under contract. I have offered to put 1k into an account for them to make up for the 1k they would be loosing. If they fulfill the two year lease that I would require and there is no damage then I would refund them the 1k that I put in there.... If they rent to own they would give a 3,500 dollar down payment and at any point during the contract they can outright purchase it for what the payoff of the loan is and the 3500 would be given to them as a down payment to the bank.
My question is if they break their contract are they susesptable to any other legal ramifications other than loosing the deposit? Can they be sued for the remaining monthly balances? This is really the last hold up before they commit allowing my wife and I to go full steam ahead in the process of building. If we closed on the construction loan today we would expect around 5 months til we can move in. (its a modular)
My question is if they break their contract are they susesptable to any other legal ramifications other than loosing the deposit? Can they be sued for the remaining monthly balances? This is really the last hold up before they commit allowing my wife and I to go full steam ahead in the process of building. If we closed on the construction loan today we would expect around 5 months til we can move in. (its a modular)