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Breaking A Lease-Purchase Agreement

If you try to exaggerate the rationale for the transaction, the tenant could take you to court to take legal action against the accumulated equity and down payments as well as the improvement costs he or she has made while waiting for the property (and you have approved it). The asset may be encumbered by underlying credits that contain assignment clauses that give the lender the right to expedite the loan if the owner rejects such an agreement. Check the contract carefully before signing to avoid possible problems. In addition, we look at 4 ways to prevent the lease from being broken without penalties. Dear Brenda, this is tricky. Based on the structure of most leases, you`ve probably contractually agreed to sell your home to your tenant after two to five years at a fixed price.

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