Lease Option Newbie Has Question

when doing a lease option what do you do with the down payment 3% plus the portion of the rent going toward the down payment? Do you put it aside and bring it out at closing? Is this the way they work? any info would be greatly appreciated

Comments(3)

  • NewKidInTown33rd August, 2008

    If your lease option agreement and rental agreement specifies that the money you receive is to be applied toward down payment, then you would be wise to escrow that money in case you have to refund it when the buyer withdraws from his purchase agreement

  • Arseknow3rd August, 2008

    Thanks New Kid for the response.
    Exactly how do you put something in Escrow? Attorney, bank, Escrow company? Any info would be greatly appreciated

  • jesmar42418th August, 2008

    How about "Would you be interested in selling your home as a lease purchase?"

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