Contracts Practice Question | Real Estate Exam | EstatePass

Contracts

The difference between a lease option and lease purchase is:

A

Lease option obligates seller only

B

Lease option obligates buyer only

C

One for first-time buyers, other for any

D

They're identical

Explanation

In a lease option, the seller is obligated to sell if the buyer exercises the option, but the buyer is not obligated to buy. In a lease purchase, both parties are obligated.

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