I am in a rent to own content but the tenant has not paid on her promise to purchase portion of the agreement can i terminate this contract?

Question

I am in a rent to own content but the tenant has not paid on her promise to purchase portion of the agreement can i terminate this contract?

Answer

There are as many varieties of "rent to own" real estate contracts as there are stars in the sky, so it is impossible to advise you on yours without actually reviewing yours. For example, they can create rights for the tenant/buyer which are similar in nature to a land contract home equity interest, which can require a foreclosure lawsuit in order to clear your title of the tenant's interest. Exiting from one can be difficult to get for a landlord, and can serve as a defense for the tenant to an eviction action if they are not properly drafted by an experienced real estate lawyer. Self help evictions are also illegal in WI, and can expose the landlord to counterclaims by the tenant which can feature steep penalties if the landlord does not properly go through the formal court process for tenants who refuse to leave on their own, Speak with a lawyer about this issue and bring a copy of the contract. Simply declaring one canceled may not successfully clear your title, nor remove the tenant in any lawful fashion.

Do not assume that I am your attorney because of my response here. You can post comments/clarification requests here or, for other past answers, go to http://www.avvo.com/attorneys/53401-wi-jay-nixon-1529181/answers.html?sort=recency. However, I will not be taking any action on your case unless you make additional arrangements. Answers may contain attorney advertising materials..