Oftentimes, parties that are not in position to buy their coveted spaces in Santa Ana will attempt to enter into lease agreements with the owners with the promise of eventually being able to buy the property outright. Such agreements are perfectly legitimate provided that they are executed correctly. In such a case, “executed correctly” means obtaining signed documentation to verify such agreements. The absence of such documents may later allow one side to back out of such an agreement, citing that as proof that such an accord was never in place. Conversely, an interested buyer can also try to create controversy by saying that he or she had such an agreement in place despite having to evidence to support it.
These are the exact claims that were made by both sides of a recent lease agreement dispute in New Hampshire. A local boat dealer originally called foul after the city had arranged the sale of the property it occupied in advance of the termination of its lease. The dealership’s owner claimed that the city had promised her first right of refusal to buy the property. City officials dispute this assertion, and has since sold the property to one of the dealership’s competitors. It has since initiated eviction proceedings in order to facilitate the complete of the sale to the space’s new owner.
Cases such as this may serve to reaffirm the importance of those involved in would-be lease-to-own agreements obtaining documentation proving either their rights to buy. When preparing such an agreement, one might be wise to seek the advice and counsel of an experienced attorney.
Source: The Laconia Daily Sun “Eviction notice sent to Lakeport Landing Marina” Green, Rick, Mar. 27, 2018