Lee v. Bass, 215 S.W.3d 283 (2007)

Citation: Lee v. Bass, 215 S.W.3d 283 (2007)
Parent Document: Lee v. Bass, 215 S.W.3d 283 (2007)
Jurisdiction: Missouri (state)
Effective Date: 2007-02-20
Original Source: https://www.courtlistener.com/opinion/1615659/lee-v-bass/ ↗

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The parties had an initial plan, reflected by a contract they signed, for Rex Lee to pay the Basses for the equity and to assume the indebtedness. The parties discovered, however, that a problem with Lee trying to assume the mortgage was the presence of a “due on sale” clause in Fred Bass’s note. Therefore, the parties, who were acting on their own without benefit of legal counsel, decided to forego the idea of a regular contract for the sale of real estate. They abandoned the initial contract they had already signed. They decided instead to adopt a lease contract with purchase option, thinking that this would be a way to avoid having the lender declare the note due and payable in full. They used a form obtained from an office supply store. Susan Bass was the one who exercised responsibility as drafter to tailor the contract to the effective use of the parties.

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