Is it assume that deposit is security or not. They say it is non-refundable.
2 thoughts on “Determining the definition of deposit in a lease with option to buy?”
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Is it assume that deposit is security or not. They say it is non-refundable.
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It could be a lump sum ($10,000 +/-) or it could be a couple hundred dollars over & above what market rent would be each month. I’ve seen both scenarios.
Technically it’s not called a deposit, rather option money.
You are purchasing an option to buy at a specified date for an amount agreed upon by the buyer and seller.