win-win-win-win - Posted by MilNC


#1

Posted by hk CA on December 16, 1998 at 20:07:04:

In my earlier post I suggested that they use an OPTION TO PURCHASE rather than a LEASE/OPTION. The reason for this is that you don’t want to lease the property. You only want to tie it up for a while so you can find a buyer.

You’re getting confused by several different techniques with similar names. Loosely speaking:

Lease/Option - You lease the property and you have the exclusive right to purchase it at some time in the future IF YOU WISH TO.

Lease/Purchase - Same as above but you ARE OBLIGATED to buy the property at some time in the future.

Option to Purchase - You have the exclusive right to buy the property at some time in the future but you don’t have to. The seller can’t sell it to anyone else during that time. You have no other rights to the property, such as a lease agreement.

Hope this helps.


#2

win-win-win-win - Posted by MilNC

Posted by MilNC on December 16, 1998 at 15:58:31:

I can’t find the post by that
title that I was trying to respond to.
My question is, what is:

the difference between LEASE/OPTION
and LEASE PURCHASE, as the author (sorry, I can’t find you ) implied a difference) I tried to leave the page in the
middle of my response and go look something up in the articles section so that I
wouldn’t be asking unnecessary questions, and look what
happened!