When the owner of a piece of leased property gives the lessee an option to buy, the option:

Name: When the owner of a piece of leased property gives the lessee an option to buy, the option:
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Quizplus · Accepted Answer

The option to buy is not a purchase contract until exercised. It simply gives the lessee the right, but not the obligation, to purchase the property at a certain price within a certain timeframe. No actual purchase occurs until the lessee exercises the option.

When the Owner of a Piece of Leased Property Gives