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Terminating a Rent to Own Contract

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1 Terminating a Rent to Own Contract on Tue Jan 22, 2013 5:14 pm

ecpixcathy


Arresto Menor
Good day everyone. I would like to seek an advice about our the rent-to-own agreement I entered last August 2012. I saw the advertisement in the net, says "house for rent" and at that time we realy need a house to stay. Then when I contacted the owner of the house she offered me to buy the house because it is also for sale and she offered me a rent to own agreement payable in 30 yrs, and for only P 3,000 a month. Downpayment is 100,000 but the thing that really convinced me is that when I said that I don't have that amount she agreed to P50,000 down and we can move in,that is what is written in contract but we had a verbal agreement that we're still going to pay the other P50,000 on February 2013. At the day of the contract signing at the notary public they changed the contract from 25-30yrs span of time down to 15 yrs. Still we agreed and also it's too late when we realized that there is no water line and the electric wirings are not ready to use. We did all the fixing, the place was so terrible because it was made "TAMBAKAN NG BASURA" and also because the owner did'nt manage to clean it up, it was a hard work and much money spent before we atlast moved in.
On our first month the owner is always requesting for an advance payment and we did'nt liked it plus our business did not worked out in the place because there's always a short brownout which caused my printers and computers to broke. Now we're having a lot of trouble about money, in short we can't pay the other P50,000 that we agreed. At first they're the one to offer that what if we just rent the house (so they can sell it) and they will return our downpayment and our expences in fixing the house. Then they took it back, they said that it cannot be, that we can only get out money if we are the one to sell the house or pass the contract. Now it seems for us that the owner is hard to talk to and we can't have a relationship withher anymore for another 15yrs. Please advise us what should we do and what's gonna happen if we terminate the contract because we can't meet their demand (P50,000 this Feb.)what's going to happen to our money (the downpayment and other expenses worth P30,000). Please answer me. Thanks.

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