Lease Option/Deposit Money - Posted by Jack-NY

Posted by William Bronchick on March 30, 2000 at 16:55:55:

If the seller dies, the property will go into his estate, but it is still subject to your option agreement. This is why I recommend having a performance mortgage which is a lien on the property. Security deposit laws change from state to state. Most states usually do not require an interest bearing account for a security deposit on a single family house unless you are acting as a property manager/broker.

Lease Option/Deposit Money - Posted by Jack-NY

Posted by Jack-NY on March 30, 2000 at 16:38:00:

My question is if I have a lease purchase with a seller and god for bid they pass away what will happen to the lease or future purchase of the home if the bank still has a lien on the home.

My second question is if the tenants have a security deposit does this deposit have to be put into an interest bearing account is the housing is state owned?