Posted by Alan-Baltimore on December 28, 2000 at 17:27:27:
If you are actually buying the property (taking title via cash, loan, seller carry, etc.), the closing will be done in the office of an attorney or at a title company.
If you’re lease/optioning the property, there is no closing since you are merely renting with the right to purchase at the negotiated price at a later time. This is no different than renting an apartment (i.e. there’s no closing-- you simply pay your security deposit and first (and possibly last) month’s rent, sign the lease and then you’re given the keys).
As far as your T/B, the same information applies–they are renters with the right to purchase (usually at a higher price than you negotiated with the seller). The closing takes place when they exercise their option at which time you will exercise your option with the seller.
Hope this helps.