Posted by JasonTX on December 24, 2000 at 08:12:11:
Thank you William. Have a wonderful Holday!
Lease Option question - Posted by JasonTX
Posted by JasonTX on December 23, 2000 at 13:30:55:
What is the standard practice with regards to Option money.
Is this money applied towards the Buyers purchase of the home or does the seller keep the money? I’ve heard that it can be either, but I was wandering what the standard practice is?
Thank you for your time!
Re: Lease Option question - Posted by WilliamGA
Posted by WilliamGA on December 23, 2000 at 16:41:47:
Jason,
Both are correct.
Yes, the option money is applied to the buyers purchase price and yes, the seller keeps the money.
You are free to do as you wish with the cash now. When the buyer actually purchases the house, if he purchases it, you will show the cash he gave you as option consideration as a credit towards the total purchase price of the home.