AboutSharon Wilkerson Expertise I can answer questions on residential real estate whether they concern buying or selling, 1031 exchanges, or investment property/vacation property. I can answer some questions on South Carolina law concerning the aforementioned property type sales. I cannot answer questions concerning commercial property.
Experience I am a realtor in the Charleston, SC, area which is an historic seaport town on the coast located between Myrtle Beach and Hilton Head. I have serviced both buyers and sellers from those looking to purchase their very first home to those looking for a place to retire. I have a network of realtors around the South Carolina area with whom I am in touch concerning the South Carolina real estate market.
Organizations The Charleston Tri-county Association of Realtors; The South Carolina Association of Realtors, The National Association of Realtors; Women at Work; The National Conservancy; Daughters of the American Revolution
Education/Credentials BA degree in Business and BA degree in Theatre Arts
Expert: Sharon Wilkerson Date: 7/22/2008 Subject: rent to own lease agreement
Question i have signed a 5 yr lease agreement with my boss to buy his home i have only been in this house for 3 yrs he new my credit was a little shaky and my credit will be back to normal within the 5 yrs he is going to put the house up for sale tomorrow i am not behind i always pay him on time he, his deceased wife and my husband and i signed the lease can he sell this house out from under me he is also suppose to take half of what i pay him towards the appraisals
Answer Whether or not your boss can sell the house out from under you totally depends on the terms of the contract you signed. The best thing to do is to take your contract to a real estate attorney who interpret it and advise you. Leases with option to purchase are tricky agreements. You should have signed a rental agreement, a lease to purchase agreement, and a contract to purchase. Each of these documents would have needed money to go with them. For example, the rental agreement would require perhaps first and last month's rent; the lease to purchase agreement would also require some consideration; and the contract to purchase would require at least $1000 earnest money. If you only signed a rental agreement then your boss probably can put the house up for sale. If you signed a lease with option to purchase, then it would depend on the terms of the contract. Please make an appointment with a real estate attorney. If your boss is trying to sell the house from underneath you, a good attorney may be the only way to stop him.
Good luck to you and let me know if I can be of any further assistance.
