All Forum Posts by: Roy Schauer

I like Tamara's response about the convertible holding fee. I do the same thing when turning a renter into a tenant/buyer for a lease option by a clause that states their security deposit is converted and applied towards their option payment, which is now no longer refundable, when they sign the lease option agreement. At the very least, prorate by the days held for the amount of rent you would have gotten and then add additional expenses that may have been incurred during the process, ie credit check fee, if you didn't charge a separate one already. What is the time period you held it for?