Rent credits/Lease option money ? - Posted by Maria (fl)
Posted by Maria (fl) on August 09, 2005 at 06:45:32:
Hi everyone. I have decided to offer a house I just purchased as a lease option instead of straight rent since I know I will sell it sometime after a year and I needed a higher rent on it. I have been surprised by the number of calls I have rec’d. Much higher response then my normal rent ads.
I have never done a lease option before but after reading on it I am still unclear on whether the option money has to be put in escrow and brought to close or does it have to be documented and is mine to spend? I had hoped to use it towards my next purchase.
Also rent credits? Do I have to bring that money to close or just take it off purchase price?
Assuming t/buyer doesnt purchase they cannot sue to get back the lease option money correct? I am thinking of asking $3-5000.
Any feedback is appreciated! Thanks so much,Maria