An option listing agreement is purchased for a consideration and entitle the optionee to exercise the right of purchase within the time specified. If the option is not exercised within the specified time period, than it will expire worthless.
https://www.realestateagent.com/real-estate-glossary/realestate/option-listing-agreement.html
A Lease 2 Purchase contract combines a basic lease contract with an option to purchase contract, which creates a Lease 2 Purchase contract. The tenant/buyer pays to the landlord/seller a nonrefundable option deposit that is applied to the purchase price of the home.
http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php
A lease purchase (or lease option) is the abbreviated form of the appropriate term lease with option to purchase.. Simply stated, a Lease 2 Purchase contract combines a basic lease contract with an option to purchase contract, which creates a Lease 2 Purchase contract.
http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php
Money is the most common form of consideration, but a promise to perform (i.e. a promise to pay) is also satisfactory. In writing: A real estate contract must be in writing and it must: 1  Identify the parties: The full name of the parties must be on the contract.
http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php
In an option contract for real estate, the additional elements include: 1  A contract in writing. 2  The property location specific to the lot and block, sub-division, city and state. 3  A specific timeframe giving the buyer a period of time to exercise his right to purchase.
http://study.com/academy/lesson/what-is-an-option-contract-example-definition.html
A few misguided advocates believe that a lease purchase contract combines a lease agreement with a purchase agreement, thus requiring the tenant to purchase the home at the end of the lease. Don't be fooled; this is old-school and is almost never used in todays real estate market.
http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php
A bilateral contract where an optionor gives an option to the optionee for the right, but not the obligation, to purchase property within a certain period of time at a specified price.
https://www.realestateagent.com/real-estate-glossary/realestate/option-listing-agreement.html
A lease contract is an agreement, usually written, between the owner of a property and a renter who desires to have temporary possession of the property. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term.
http://www.lease2purchase.com/what-is-a-lease-purchase-contract.php
The difference between a contract and an option contract is in the options that a buyer has a right to exercise in the contract, which makes the contract a bit more flexible.
http://study.com/academy/lesson/what-is-an-option-contract-example-definition.html
It is non-binding. An option contract is an enforceable contract and is legally binding. In a real estate transaction, an option contract benefits the buyer. The seller is obligated to the contract to sell once the offer to sell is made.
http://study.com/academy/lesson/what-is-an-option-contract-example-definition.html
definition of option in a real estate contract
In a real estate contract, a option is defined as an enforceable contract , which is legally binding. An option in a real estate contract means a legally binding and enforceable contract .