Contracts
A Nebraska 'lease option' agreement differs from a 'lease purchase' agreement in that the lease option:
AObligates the tenant to purchase the property at lease end
BGives the tenant the right but not the obligation to purchase✓ Correct
CDoes not require any option consideration
DAutomatically converts to a purchase contract after 24 months
Explanation
A lease option gives the tenant the RIGHT to buy — they can choose not to. A lease purchase creates an OBLIGATION to buy — the tenant must purchase at lease end (or face breach).
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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