Legal Question in Real Estate Law in Ohio

Lease with Option to buy
When we leased our home we gave the owner 5000.00 down and the first months rent. In our contract under security deposit it state that no security deposit shall be required as a condition of this lease. However, five thousand dollars shall be paid upon execution of this lease with option to secure the option to purchase and otherwise satisfy the conditions of this agreement.
Since we gave the owner the 5000.00 dollars before we moved in are we obligated to pay him another 5000.00 upon our departure? And is this lease even legal and binding due to the fact that he requested 5000.00 up front?

Asked on 8/21/00, 12:30 pm

Gregg Manes Gregg A. Manes, Esq.

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Re: Lease with Option to buy

The lease is valid, however based solely upon what you have said it appears as though you do not owe $5,000.00 at the end of the lease.

The $5,000.00 payment does not make the lease with an option to purchase invalid.

Answered on 9/26/00, 9:43 am

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