Contracts
A Nebraska lease 'with option to purchase' gives the tenant-buyer:
AAutomatic title after 2 years of paying rent
BThe right to purchase the property at a specified price within a specified period by exercising the option✓ Correct
CA legal obligation to purchase at the end of the lease
DThe right to force the landlord to sell at any time
Explanation
A lease with option to purchase gives the tenant the right (but not obligation) to buy the property at a predetermined price during or at the end of the lease term. Option consideration (typically non-refundable) is paid to secure this right.
Related Nebraska Contracts Questions
- A 'time is of the essence' clause in a Nebraska purchase agreement primarily affects:
- Which element is NOT required for a valid real estate contract in Nebraska?
- A counteroffer made by the seller in response to a buyer's offer:
- A counteroffer made by the seller legally:
- A purchase agreement includes a home inspection contingency. The buyer discovers major foundation issues. Which is the buyer's BEST option under this contingency?
- A seller accepts a buyer's offer and both sign the purchase agreement. Before closing, the seller finds a higher offer. Can the seller accept it?
- A purchase agreement is considered 'executory' when:
- Nebraska's Seller's Property Condition Disclosure Statement is required for:
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