Straight Option Vs. Lease Option

Hey Guys,

I' m new to Lease Options and Options. Could someone explain the difference between the two.

Thanks in advance
Murphy

Comments(2)

jeff1200227th June, 2004

With lease/options, you have signed a lease, and owe someone monthly payments per the terms of the lease. You have also signed an option agreement that states that you have the right to purchase the property sometime in the future based on a price you've negotiated now.

With a straight option, the terms may be different because there is no lease agreement, but it basically is the same document.
Murphyj200027th June, 2004

So what are the steps of a Straight Option?

1. I tell the seller that I will try to find a buyer in say 45 days.

2. I then go about trying to find a buyer through ads in the paper or something (correct me if I' m wrong)

3. ??????????????????

4. ?????????????????? and so on

"Help would be greatly appreciated"

Murphy