Contracts
In Indiana, a lease with an option to purchase grants the tenant:
AAutomatic ownership after the lease term
BThe right to purchase the property at a specified price within a specified period✓ Correct
CA right of first refusal only
DShared ownership during the lease term
Explanation
A lease with option to purchase gives the tenant the contractual right (but not obligation) to buy the property at a predetermined price within a specified period. Option consideration is often applied to the purchase price if exercised.
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