Does the Seller get to use the Option Deposit?
Typically, the option deposit goes directly to the Seller when it becomes non-refundable, but the parties can agree otherwise. Since the rent amount generally does not cover the property’s expenses, the Seller needs this fund to pay property expenses beyond the monthly rent. The Seller too may need the lease option deposit to lease option his next home. Don’t worry about your investment since a Memorandum of Lease Option Agreement is recorded on the property securing your lease option right.
