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Updated over 8 years ago on . Most recent reply

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Michael Plante
  • Deland, FL
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Any negatives in taking large consideration for lease with option

Michael Plante
  • Deland, FL
Posted

any negatives you can think of in taking a large amount in nonrefundable consideration for lease with option to purchase?

Have a few properties which are in short supply in a very hot market. 

Potential buyers are offering way higher than 3% for the nonrefundable consideration to lease with option to purchase.  

Some as much as 10% even after making them fully aware that it is NOT a purchase and if they do not go through with the purchase they will lose all of the consideration money 

I've told them It is a rental with zero rent going towards purchase price.  That they will still need to give first, last and security deposit 

I have spoken with a real estate Atty who has assured me that taking 10% will not violate Dodd Frank. 

But I am leery of this 

Anyone take this much why and why not?

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