Contracts
In New York, a 'lease with option to purchase' gives the tenant:
AAn automatic right to buy the property at the end of the lease
BThe right (but not the obligation) to purchase the property at a specified price during or at the end of the lease term✓ Correct
COwnership of the property upon signing
DA right of first refusal only
Explanation
A lease-purchase option gives the tenant the right but not the obligation to buy the property at a pre-determined price during or at the end of the lease term. If the tenant does not exercise the option by the deadline, it expires.
Related New York Contracts Questions
- A 'time is of the essence' clause in a New York real estate contract means:
- In New York, 'closing costs' typically borne by the buyer in a residential transaction include which of the following?
- A contingency clause in a purchase contract:
- In New York, earnest money (contract deposit) is typically held by:
- When a seller accepts a buyer's offer, the resulting contract is known as a:
- Rescission of a contract means:
- An 'as-is' clause in a New York purchase contract:
- An 'escalation clause' in a purchase offer allows:
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