Michael asks…
what to do with a hire-purchase agreement when i migrate?
Im planning to migrate to the USA from London in the next 4 months to be with my fiance (yay!!). however my car is on a hire-purchase agreement and has another 24 months left. What would the best option be? do i sell the car privately and continue to pay the monthly? can i just hand the car back to VW and walk away? are there any other options? or can i ship the car there and continue to pay for it?Any information would be gratefully received.
answers:
Shipping is very expensive. In hire purchases, if it is one, strictly speaking, you don’t own the car until you’ve paid for it in full, so if you failed to complete your obligation to pay, the company could retrieve the car, that’s not to say you wouldn’t still owe them, for instance, if it had depreciated so much that it was worth less than the balance, they could come after you for the difference. Myself, I would contact the hire purchase company and strike a deal to include you handing the car back, after all you’ve got to get to your girl…yay!! Good luck my friend, ooh, can I have an invite to your wedding?
Paul asks…
when leasing a condo do you have to sign a purchase agreement as well?
This property is a lease with an option to buy. The realtor is telling me to sign a lease and a purchase agreement that states all the agreements that me and the owner agree to if I decide to buy. The addendum states that I am not obligated to buy and it also says that 30% of rent will go towards buying the condo if I decide to purchase. So, should I sign this purchase agreement?
answers:
Yes, you have to sign a puchase agreement to rent-to-own. This protects both you and the seller, in case either of you change your mind. Within the purchase agreement will be the terms of the sale, including a price that you lock in now (protecting you – the seller can’t change his mind about the price later). It will also tell you what happens to your 30% toward purchase if you decide to get out of the deal. In most cases, you don’t get all of that money back and how much you get back is stipulated in the contract (protects the seller – he gets a chunk of that money for his trouble).
Just make sure this is something you’re definitely going to follow through with, so you don’t end up losing some of the money that is being put down on the purchase if you change your mind later.
Jenny asks…
If someone breaks a purchase agreement for a house, what are the consequences?
We signed a purchase agreement for the house we live in(we are renting for the first year (rent-to-own), but after living here, we have found things wrong with it and also we feel we are being taken advantage of in ways. With that said we are having our doubts of wanting to buy the house anymore. So we are wondering what happens if we were to break the purchase agreement?
answers:
It should be in your contract..
Contract need certain elements to be void or voidable
in your case your looking for voidable
so you need a professional to look at the contract if it is voidable..
I can only assume..
On a rent-to-own..and you havn’t been there long……..(via first statement of first year)
i would just stop paying……and wait for an eviction….and that would get your money back..
What does the contract state for not paying..
So…..let us do an example
your paying 2k ($2000 a month)..so much is rent and so much for downpayment (you would be paying rent anyhow)
so..assume $6,000 so far is for your ownership…..
And say…..60 days to get out of the contract by not paying…and evicted..
You have lost $4,000 and may be able to sue in small claims for some portion of that…
Now sub issue…..if you get an eviction notice for not paying the owner has started a court….and you can counter and depends on your locality..you may get a hearing on your funds then..
Or in the example another portion of that $4000 as an illegal contract.
Makes sense i hope..
Also your seller may be interested to keep the sale..allow you to reduce payments..for repairs…….
Good luck
Mark asks…
How long do you have to cancel a business purchase agreement?
how long legally do you have to cancel a purchase agreement for goods, with no penalty?
answers:
Depends on the agreement
Helen asks…
Does the seller sign the purchase agreement for a house before or after the buyer?
I’m curious about the steps involving a purchase agreement.
I’m not buying/selling a house. I’m trying to predict what someone else is doing…Do the buyer and seller meet in a room and sign together? or does one sign a paper and have it sent to the other?
answers:
I disagree with both previous answers. It is not true that in most cases there is an attorney – in some states there rarely is one used.
You do need to use a title company in most, if not all, states. As for everyone being in the room at the same time, this does not happen all the time, either. Sometimes one or both parties are out of state. Also, what happens when the sellers are getting a divorce and can’t stand each other? It still gets worked out.
The real answer is this – if an offer has not been presented, from a buyer or their agent, then there is no purchase agreement to be signed by the seller. Makes sense, doesn’t it?
And, what buyer, in their right mind, would sign a purchase agreement written up by the seller? The only time I can figure this is when someone is buying a new home from a builder and has to use the builder’s purchase agreement, but even then the buyer signs first.
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