What to do about an automatic lease renewal?
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What to do about an automatic lease renewal?
I am on a 1 year “rent with option to buy” lease. It runs out in 1 month. On the contract it states that if I cannot secure a loan after the 1 year lease is up the contract “shall” renew for one more year. Can I get out of the renewal?
Asked on May 8, 2012 under Real Estate Law, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
One would have to read the lease agreement in full to see if there is any out for you. Is the word "option" there at all? Look closely as to any notice provisions and how they are written. Since you are runnng out of time I would speak with an attorney on the matter as soon as you can. Generally you are bound by the contracts you sign. Good luck.
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