The young couple had been renting from the landlord for several years, the landlord offered them a opportunity to relocate to the family home as they were going to rent the home for several years as the market was depressed.
The landlord encouraged the husband and wife to take an active role in the remodeling that included painting, refurnishing the hardwood floors.
The couple jumped at the opportunity and spent hundreds of hours in transforming the home.
Words were used such a lease option and your time will be worth your extra efforts.
The home was in the best shape in decades and the home was shining with its new look.
The couple was weeks away from moving in and the landlord dropped a "bombshell" on the couple.
The landlord announced, the home had been sold.
To add insult to injury the couple was served with a 60 day notice to vacate their present home as that property was going to go on the market.
The double blow seems unreal.
An attorney for the tenant couple was prepared to file litigation.
The couple stated they had trusted the landlord and went against their own judgment to have something in writing.
The lesson is that its always best to put things in writing and form an agreement.
If a problem does occur, it will add weight as to the intent of the parties.
Jim W Hildreth is a Real Estate Mediator
Thursday, May 13, 2010
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