Few years back my mother did an agreement for an option to buy. We were renting the same house for a good year and a half. She really likes the area and the house so she decided this would be the best option at the time. I have no idea why, I was only 17 at the time so I had no questions to what she was doing. So She gave the landlord 15000 cash as a down payment and in the contract It says to put down 5k a year towards the down payment. And when she was ready she would have to go get a loan with what was left after the down payment from a mortgage company or bank. We have been here 3 years and she hasn't put any thing else towards the house. There's no time limit to which she is suppose to purchase the house. So my real questions here is. What if she decides to back out of the agreement, would there be a chance she can get her initial down payment back, and if so what if the land lord does not have it
Read more: Option to buy rental?
