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rent to own agreement in arkansas

Posted on: 27th Feb, 2012 06:22 am
my husband and I are in a rent to own agreement in Arkansas. We exercised the option to buy after 11 months of paying rent. We made our first $2000 down payment on March 1, 2010. We paid it again in March 2011. We cannot afford to make that yearly payment anymore. I pay house payments weekly. I am always on time. We want to get out of this situation, but the Lessor says that we have to fulfill the contract until 2015. If we move, we are responsible for rent on another home plus this one until we/ she finds another tenant to fulfill this current contract. If we stay here and dont pay the $2000 payment by April 1st, all of the weekly payments I make will go straight to the $2000 payment until it is paid off, then the weekly payments will resume plus all of the late fees. Either way, I think she will evict us because we cannot afford the late fees ($2/day) and she will pile them up on us. We will be so far behind, we will never catch up.
Hi jenny!

Welcome to forums!

If you don't pay off the required debts on time, then the landlord will definitely take steps in order to evict you from your property. You can check out your rent to own agreement and find out what steps the landlord can take against you if you're unable to pay off the debts.

Feel free to ask if you've further queries.

Sussane
Posted on: 28th Feb, 2012 08:17 pm
Welcome jenny,

You should read the contract and check out if you're really liable for paying off the rent until 2015. If the same is mentioned in the contract, then you will have to follow it. If you don't, then the landlord/seller will be able to take legal actions against you.
Posted on: 29th Feb, 2012 08:27 pm
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