Can I sell my lease-purchase?
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Can I sell my lease-purchase?
We entered into a 2 year lease-purchase on a home last year. After 6 months in the house, my wife hates it the area and wants to move. If we break the agreement, well be responsible for the remaining lease and we won’t get our deposit back 20k. We have 23 months to purchase the home. Can we sell the house and keep the profit? Our lease-purchase agreement simply states on or before the end of next year to purchase the home. As I understand it, even though the transaction was not recorded with the county or state even though were not on the title, FL law would reflect that we are the homeowners and the seller is the mortgager. I’m ust checking our options; my wife’s miserable here and I’m trying to find an out.
Asked on January 26, 2019 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, if title has not transferred to you, you are NOT the owner of the house and therefore cannot sell it--you can't sell another's property. Only when title is in your name can you sell the property, and that is generally at the end of the contract/lease, when you have paid everthing due (at least under the traditional lease-purchase: not having seen your agreement, we cannot comment definitively on it). You may be able to assign the lease-purchase agreement to someone else, who will take over it from you, IF nothing in the agreement forbids or bars assignment.
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