Lease with option to purchase
Four years ago we signed a lease with option to purchase agreement. The agreement was to last for 10 years, thus at the end of the lease we could purchase the property for $1. Now a little over 4 years into the lease we want to move back to Ohio to be with our family. We currently live in North Carolina.We have made vast improvements to the property and have made all of our payments on time. The lease was not filed with any courts, but an attorney drew up the papers and my husband, myself & the two other people involved signed them. There is nothing in the lease about us deciding to break the lease. We know there is going to be hard feelings about giving the property up. We want to know if they can legally hold us accountable for the rest of the lease or can we just take our losses & go. We've put a lot of work & money into the place. We will be taking a financial loss, but are willing to do so. We just want to know if they can legally make us pay the balance of what remains of the lease.
I can't say for your state. In MD, if someone vacates on a lease that is still in effect, they owe for the remainder of the lease. I don't know what the laws are in your state. You could try to google "legal aid" or "legal information" for your state and county and see what resources come up.
Hope this helps.