Posted by JP on September 18, 2003 at 18:39:25:
They are 2 separate things - or at least they should be. In fact, you should have 2 seperate agreements. A lease agreement, and an option agreement.
options consideration + 1st months rent - Posted by tim
Posted by tim on September 18, 2003 at 18:02:10:
Lets say I have a home valued at 160,000. I lease option for 176,000 (10% above FMV). I obtain 5,000 non-refundable option consideration. Will the 5,000 also include the 1st months payment, or do we normally ask for 1st months payment in addition to the 5,000? Appreciate any feedback and thank you.
tim
Re: options consideration + 1st months rent - Posted by JimKC
Posted by JimKC on September 18, 2003 at 20:46:27:
JP is correct. Also in the real world they might be strapped giving 5,000 plus MO rent. Could be deal killer. I have let folks stay 5 to 6 weeks before collecting rent. (example) move in on Sept 19th w/$5,000 1st Mo rent due Nov 1st.