Zillow Advice: Home Buying - Can we get our "down payment" money back on a lease/option if we decide not to buy? http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ Zillow Advice | Zillow Real Estate What does the contract or ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ What does the contract or agreement say? Sun, 02 Mar 2014 17:38:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-03-02T17:38:00Z In technical legal jargon, ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ In technical legal jargon, your cheese is blowing in the wind. You have no protection under the expired contract you describe and with nothing in writing you are likely a month to month tenant who will never see their 40K again.<br/><br/>Get legal advice NOW. You continuing to pay with nothing in writing is foolish. You agreeing to pay for a "new" rent to own may also be foolish unless you can get better protection under a new contract for your earnest money. My guess based on what you describe is that your 40K is long gone and the liens on the house are more than it is worth at this point. <br/><br/>Check with an attorney and get a preliminary title search done to see if I am right or not. I am sorry that you are in this situation, but it is not an uncommon one for lease to own buyers. Wed, 15 Jan 2014 19:58:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-01-15T19:58:00Z Take your contract to a real ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ Take your contract to a real estate attorney.&nbsp;&nbsp; It is probably time to move on and the deposit is gone as you failed to meet your obligations in 2009. Let us know what your attorney says.&nbsp;&nbsp; Good luck Wed, 15 Jan 2014 19:21:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-01-15T19:21:00Z The seller told us he was ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ The seller told us he was going to owner finance, but then when it came down to it, he had us sign a lease option. The contract technically expired in August,2009 but he told us he would extend the contract. He still has never done that, so technically does that now make us renters since we still make the monthly payments? &nbsp;He can't have it both ways. If we are renters in his eyes, then he needs to make the repairs or he needs to extend our contract like he promised.&nbsp; Wed, 15 Jan 2014 19:11:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-01-15T19:11:00Z I recommend you take your ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ I recommend you take your contract to a Real Estate attorney.&nbsp; I would depend on the agreement reads and if you are getting financing when you do close and if the lender will allow it.&nbsp; Wed, 15 Jan 2014 18:54:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-01-15T18:54:00Z It depends on the contract ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ It depends on the contract you signed.&nbsp; Usually the initial payment is not refundable, nor are the monthly payments.&nbsp;&nbsp;&nbsp;&nbsp; You mentioned "owner financing" and "lease option".&nbsp; These are two very different terms, so you need to know exactly what you are involved in. <br/><br/>Lease option is an unusual situation for repairs.&nbsp; Most often the person hoping to buy the place is responsible for repairs.&nbsp;&nbsp;&nbsp; Was this addressed in the contract?&nbsp; If owner financing, you are definitely responsible for repairs.&nbsp;&nbsp;&nbsp;&nbsp; It sounds like you want the repair benefits of regular renting, but were not in a regular renting situation<br/> Wed, 15 Jan 2014 18:51:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-01-15T18:51:00Z Very doubtful! The contract ... http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ Very doubtful! The contract you signed will tell you what will happen. This is exactly why most knowledgeable agents will tell you to stay away from lease option properties.<br/><br/>I would recommend that you take your "agreement" to a Real Estate attorney and have him/her explain your rights to you.<br/><br/>Good luck! Wed, 15 Jan 2014 18:44:00 GMT http://www.zillow.com/advice-thread/Can-we-get-our-down-payment-money-back-on-a-lease-option-if-we-decide-not-to-buy/524602/ 2014-01-15T18:44:00Z