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Rent/Lease option money?
We are selling our home and are considering rent/lease with an option to buy. We're trying to get as much info as we can on the subject. We're a little confused about the option money and would like clarification, please. Is the option money in this type of situation ours to keep regardless of how the deal goes and is used as a credit for the buyers only when the closing occurs? Does it have to be held in an escrow account during the terms of the agreement? Is there usually a designated time period when we would have to return the option money if the buyer is truly unsatisfied with the property? Say after 3 weeks or 30 days or would that matter? Thanks for your help!
Public Comments
- an option is a purchase of a right. NOT more, not less. once it is received, it is yours.
