ContractsOption_contracts_and_right_of_first_refusalHARD
The difference between a lease option and lease purchase is:
Correct Answer
A) Lease option obligates seller only
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.
Answer Options
A
Lease option obligates seller onlyB
Lease option obligates buyer onlyC
One for first-time buyers, other for anyD
They're identicalVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
contract-formationreal-estate-optionscontract-performance
Key Terms:
lease optionlease purchaseunilateral contractbilateral contractoption fee
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