Handling of 'option'/equity payments in MHP Sale

[Mark Simpson]

Hi All.  Long time investor but I am currently under contract to purchase my first MHP in Colorado.  Half the units are park owned, and all are on Rent to own leases.  All leases had the renter put up a $600 option, and then $100/month of rent is credited towards a predetermined sale price.  Of the units that are still park owned, there are varying balances still owed.  The option and equity payments are fully earned - if the tenant defaults, the park owner won't refund any of the money put up.

In the sale of a Park like this, how is the option/equity money usually dealt with.  Would you expect the seller to credit the buyer with the option money just like they would security deposits?  Is there a 'normal' way to handle this, or is it usually up to the contract.  

With the option being non-refundable, does it need to be held in escrow till the tenant either completes the purchase or defaults?

Thanks in advance!!

Mark Simpson