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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There is no dispute about the fact that Rex Lee paid $13,000 to the Basses at or about the time of the signing of the option contract, and there is no doubt that the sum of $13,000 represented the parties’ view of Fred Bass’s equity in the property. There is no dispute that Rex Lee made payments to the Basses geared to the mortgage and escrow payments, and that the Basses then made payments to the mortgage company. The monthly payments made by Rex Lee always were odd amounts corresponding to an amount that had been determined to be due the mortgagee — such as, for instance, $735.78; the payment was never a rounded number such as one would expect with a negotiated lease agreement. There is also no indication that the Basses ever based the payment amount on any current rental market data for similar houses. The only purported lease ever signed was the one 1994 lease-option contract which, the Lees argue, was immediately transmuted into a partially-executed option contract with the payment of the $13,000 as an exercise of the option.

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