REI In Your Car 111: Joe Answers a Question about Lease Option Consideration
As most of you know, I love to teach about lease options. Whenever I talk to a group on the subject, I\u2019ve noted the most misunderstood facet of the process is the \u201cnon-refundable option deposit.\u201d (Also known as the \u201coption consideration.\u201d)
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True to form, I just received a question on my Podcast Hotline on the subject. This question more specifically is: How do you get that deposit money if you decide to step out of the equation? And how does the tenant buyer then use it for a purchase credit?
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Just in case that\u2019s been a puzzler for you as well\u2026 I explain this issue in great detail.
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I know that many of you have been told this whole thing isn\u2019t even legal. Don\u2019t listen to those lies. I\u2019ve been doing lease options \u2014 with the option deposits \u2014 for years and have never had a bit of legal problem.
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