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A real estate attorney is the best person to help Cynthia prepare a lease option.
Who is the optionee in an option contract?
- The seller is the optionor and the buyer is the optionee in an option contract.
- It is a unilateral contract since the buyer has the option to purchase while the seller is required to sell.
What is an option to buy agreement?
- An option-to-purchase agreement is a contract that grants a tenant or investor the opportunity to buy real estate in the future in exchange for a fee.
What does first option to buy mean?
- When an owner intends to sell a property, this clause, also known as a right of first refusal or first right to purchase, compels the owner to provide the holder the first opportunity to purchase the property.
- The holder cannot compel the owner to sell, unlike the option to purchase.
What is purchase option?
- A purchase option is the freedom to buy, rent, or lease real estate or other property interests.
Learn more about purchase option here:
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