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Updated almost 3 years ago,
Lease purchase issue with tenant need help!!
We did a 3 year lease purchase back in 2013 and the tenant never bought the house, we also never got a new lease so they have been paying month to month rent which is way under market value ($1500-1600 is current rents and they are paying $1000). We called them today to let them know the rent was gonna get increased to $1200 and we needed to get a lease in place and they started in with we are getting our financing in place and are ready to get this put in our name. The house is worth approximately $100k more then when original contract was signed. Its safe to say we have no obligation to sell the house for the original purchase price since the contract expired in 2016 correct? They have been doing any repairs to the place the whole time if that changes anything, Any thoughts comments advice would be greatly appreciated. If I am missing any details please ask and I will answer.