Contracts
A lease-purchase agreement in Georgia differs from a lease-option in that:
ALease-purchase gives the tenant the option to buy; lease-option requires purchase
BLease-purchase obligates the tenant to purchase; lease-option gives the tenant the right but not obligation to buy✓ Correct
CThere is no legal difference in Georgia
DLease-option is illegal in Georgia
Explanation
A lease-purchase obligates the tenant to purchase the property. A lease-option gives the tenant the right (option) to purchase at a set price but does not require them to do so.
Related Georgia Contracts Questions
- Under Georgia law, which of the following is essential for a real estate purchase contract to be enforceable?
- In a GAR contract, the Due Diligence Period gives the buyer the right to:
- A real estate buyer who discovers after closing that the seller concealed a material defect may have a claim for:
- The transfer of a listing agreement from one broker to another without the seller's consent is:
- A contingency clause in a purchase contract gives the:
- A Georgia listing contract that contains a net listing provision is considered:
- A contract clause that makes the buyer's obligation contingent on obtaining a mortgage is called a:
- When a Georgia real estate contract's closing date passes without closing due to circumstances beyond either party's control (like a natural disaster), the contract may be:
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