When you want to option a piece of property. Is there a difference from and option to a lease option or are they one of the same.In other words are they to seperate documents.
seperate docs. when u put an option on a peice of property u r essentailly saying “i may buy this, then again i may NOT buy this”. it gives u time to do ur due dilligence, and either buy it or assign the option. u can tie it up so nobody else buys it or puts an option on it. don’t make a habit of just optioning properties and not buying or assigning them. that makes for a bad rep!
a lease option is where u or ur buyer leases the property on a contract term (usually 2 yrs) with the option to purchase it.