escrow account? - Posted by Newbe

Posted by dutch on April 19, 2006 at 07:54:29:

No. Why would you ask. The option is non-refundable. The lease payment is non-refundable, even as a rent credit. The only money you would have to give back is the security deposit (you DID get one of those, seperate from the option money, yes?). some states require THAT money to be kept in a “trust” account - check your landlord laws.

Remember, a lease/option is a LEASE, governed by your states landlord/tenant laws. The option portion is just that, a seperate contract giving your buyer the right but not the obligation to buy at a specific price within a specific time frame for a specific amount of consideration.


escrow account? - Posted by Newbe

Posted by Newbe on April 18, 2006 at 21:57:13:

On a lease option should the option consideration as well as the portion of the leasee’s monthly payment ($25) go into an escrow account for the length of the agreement (say two year lease)?