Search results
Results from the WOW.Com Content Network
In accounting, a down payment (also called a deposit in British English) is an initial up-front partial payment for the purchase of expensive goods or services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction .
A security deposit is a sum of money held in trust. [ 1 ] In leasing, security deposits, also known as "rent deposits", [ 2 ] are required most often by lessors of automobiles , residential property, and commercial real estate .
The parties agree to what the cost of the option is. As noted above, it can range from a token amount to 5% (or more) of the value of the property. The option fee usually is non-refundable. That is, if the tenant-buyer fails to exercise the option, the money remains with the seller. It is not refunded. The reason: The option fee is not a deposit.
Banking mistake 5: Staying with the same bank out of habit. ⚠️ Potential cost: Higher fees and lower interest rates Many people stick with their bank simply because they've been there for years.
It takes a fair amount of money to buy a home these days. The median existing-home sale price in September was $404,500, according to the National Association of REALTORS. And if you want to avoid ...
The two young women who showed up with checks to rent the third-floor apartment in our building seemed nice. My husband, who is the caretaker of several apartments his family owns, took their ...
Often, the contract is structured in two parts, one representing the lease term and the other a contract of sale. As is usually stated in the lease purchase contract, the option fee and accrued rent credit are both non-refundable should the tenant/buyer decide to walk at the end of the lease.
“Some people reason that the refund is a good way to force savings,” Gammon said. “If this is a worry, make sure you automate your savings into your emergency fund, pay down debt or invest ...