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Owning money on a house from private sale

1 Answers. Asked on Jul 07th, 2017 on Real Estate - Pennsylvania
More details to this question:
I am a tenant I signed a a rent to own agreement for $900 a month with purchase price being $215,000 to 230,000 depending on value of home. At buying and closing house value was 205,000 got loan from bank and paid with $5,000 seller assist. A promissory note was created but never signed for $15,000 I paid $5,000 back and have a remaining $10,000 to pay. Am I obligated to pay?
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Answered on Jul 12th, 2017 at 7:24 AM

Well it sure sounds like you have some type of agreement, whether in writing or not.  Is there an enforceable loan agreement here?  Perhaps.  Oral agreements are enforceable under many circumstances.  Proof is usually the problem. Is there a "moral" obligation here?  Only you can decide. 

I recommend that you seek out a local attorney for a more in depth discussion of the matter. I do not recommend that you take any action steps without such a consult. Act quickly because by waiting, you may lose certain rights and remedies available to you.

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Real Estate
Real estate attorneys can help individuals, families and small business with all property-related legal issues. Buyers and sellers of residential and commercial real estate should work with an attorney to negotiate the terms of agreement; draft and review the contract; review related paperwork (such as loan agreements); clear existing liens on a property; and attend the closing. Lawyers can also assist property owners with addressing zoning/rezoning issues and appealing property tax assessment. Landlords and tenants should work with real estate law firms to draft and review lease agreement, handle eviction proceedings and resolve landlord-tenant disputes.
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