We are in a lease purchase situation. We paid a broker a flat fee to draft the contracts, but they are no longer involved in the transaction. We have lived in the property for six months and exercised our option on April 1st. We are clear to close pending appraisal. It came back 15k below contract price. EXCEPT, we anticipated this and our 12 month exclusive option states the sale price is "x number OR appraised value whichever is lower." The seller is now asking us to either wait until later in the option period to see if the value increases (but so might interest rates, or we might lose our financing approval, self employed) or they want us to pay out of pocket for the amount the appraisal was short. Aren't they legally bound to the option contract they signed? They already agreed to sell for appraised value if lower, right? We have been dealing with them directly, but I am inclined to hand this over to my attorney.