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I am creating the documents for a lease/purchase agreement. The deposit to be paid will be non-refundable if the purchase is not completed within the lease term. Should the "security deposit" be listed as $0 and the non-refundable deposit amount shown elsewhere in the contract? By listing the deposit as a "security deposit", would that make it legally "refundable"?
George J, GA on Thursday, June 24, 2010
RE: Lease Purchase Deposit
I would have tenant pay both. The non-refundable deposit is to ensure that the tenant purchases the property. If the sale fails to go through, you would get the deposit. A security deposit is to ensure that rent is paid as well as any other financial obligations plus it protects you the landlord against any physical damages to the property.
Posted by Donna , NC on Monday, August 2, 2010
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