Does lease purchase require a Down Payment?
Upon signing the contract, renter must pay the owner a non-refundable lease option deposit (1% to 2% of the sale price), often called the Option Money. Option can be drafted in such a way so that there is only certain time period during which it can be exercised (30 days after the first of the year, for instance) or so that it expires completely after a certain time period. acceptable.
