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TenantNet Forum Archives 1996-2002
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Lease with option to buy

Posted by Douglas Drake on September 02, 1996 at 14:31:17:

We entered into a Residental Lease with Option to Purchase on Sept 1, 1993 in San Diego County, California for a 28 month period.
(Which expired in Dec 95). We paid no security deposit, but did pay a $1700.00 option consideration. We did not exercise the
option and according to the terms and conditions of the lease entered into a month to month arrangement. When we notified the
landlord of our intent to now exercise the option he verbally agreed to rent to us month to month at a lower rent. During our
last telephone conversation it appears that the landlord would like to sell the property, our questions are:

1. How much notice does the landlord have to give us to vacate?
2. If we decide to move before he gives notice, how much notice do we have to give?
3. Even though the lease agreement states that the $1700.00 is non-refundable as an option consideration,
is it legal and if it is not can we get it back?

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