Real Estate Lawyers for Cedar Rapids, Iowa

Typically interests in real estate are assignable - meaning either the buyer or the seller could sell their rights under the contract to another party. An interested buyer could also enter into a contract where the second buyer have the right to buy the property even though the seller doesn't have full legal title to the property yet. Assuming there is no contractual provision restricting the assignment of rights under the contract, Buyer I and Buyer II could enter into an agreement that states that Buyer II would have the option to purchase Buyer I's interest under the contract. If Buyer II executed the option, then Buyer II would start making the payments are required by the contract. It's important to note that Buyer I would still be liable to make the payments to seller if Buyer II failed to do so. As an agreement between Buyer I and Buyer II does not change the contract between Buyer I and Seller. If the Seller is involved, the original contract could be amended or assigned to Buyer II. As an alternative, Buyer I and Buyer could enter into an agreement where upon Buyer II's executing their option to buy the real estate, Buyer II would provide funds to Buyer I, who would in turn pay Seller what is owned under the contract. Buyer I would then be obligated to convey the real estate to Buyer II. Depending on the facts there might be other alternatives or possible solutions. Each matter depends on the facts. An attorney would be able to review the transaction and make a determination of what the best course would be given the client's needs.

Hi there, For a definitive answer, a lawyer would need to see the exact lease language; however, it is very unlikely that not renewing a lease would result in a free month of rent (unless there is another part of the lease that is relevant or there was an error in creating the document).

Generally speaking, getting your friend "off the title" just needs a deed granting you his interest in the property. A real estate lawyer could prepare such a deed for only a few hundred dollars. But that does not include having a title examination done, and it doesn't include the recordation cost (the deed needs to be recorded in the local land records, and the cost varies).

Hi there, If you had a valid and enforceable Real Estate Option Agreement, the seller likely breached that agreement by selling the property to a third party before the option period expired. Here’s what you should know: Your Rights Under an Option Agreement: An Option Agreement is Legally Binding: Once you pay consideration for an option to purchase property within a specified time frame, the seller is legally obligated to keep that offer open. They cannot sell the property to someone else during that time without breaching the agreement. The Sale Does Not Automatically Terminate the Option: The seller's transfer to a third party does not cancel your rights under the option agreement. In fact, the third party may have taken the property subject to your option, especially if the agreement was recorded or the buyer had notice. You May Be Entitled to Legal Remedies: Your options may include: Specific Performance: Forcing the sale of the property to you if it is still possible. Monetary Damages: If specific performance is not available, you could pursue damages for breach of contract. Equitable Remedies: Depending on the circumstances, there may be claims for fraud, bad faith, or interference with contractual relations if the third party knew about your option. Recording the Option Agreement Strengthens Your Claim: If your option was recorded in the public land records, it puts all third parties on notice of your rights. Even if it wasn’t, the seller and potentially the third party may still be liable based on what they knew. I recommend speaking with an attorney as soon as possible to review your agreement, assess the timeline, and determine the best course of action based on your state’s laws. If you are in Georgia or need guidance on how to proceed, I would be glad to help. Best regards, Jerome Lucas Newell, Esq. Real Estate & Contracts Attorney

In short, you would “step I to the shoes” of the prior owner. That said, you must be careful with your due diligence to make sure what your stepping into works for you.