Posted on: 20th Mar, 2009 01:18 pm
I had a lease/purchase option agreement with the owner. There is a outstanding lien/loan on the property. He decided to deed (assumption deed) the property to me and record the documents. I confirmed this and I am now listed as the owner in the county records. The original lease had a term of 24 months to purchase/refinance. Now that I am on title , is the lease agreement still valid? Am I now the legal owner of the property? Did the transfer of ownership via deed void the lease? Thanks.
Hi max,
As the owner had signed a deed to transferring the property to you and got it recorded with the county recrder's office, you are now the legal owner of the property. Thus, I think the leasepurchase agreement is noe void. The transfer of ownership has already taken place which is why there seems to be no need for a lease purchase agreement.
Thanks,
Jerry
As the owner had signed a deed to transferring the property to you and got it recorded with the county recrder's office, you are now the legal owner of the property. Thus, I think the leasepurchase agreement is noe void. The transfer of ownership has already taken place which is why there seems to be no need for a lease purchase agreement.
Thanks,
Jerry