An option to purchase refers to a lease which allows a tenant to buy the rented property at an
agreed price during a lease term. Usually the tenant pays the landlord a non-refundable option
deposit and in exchange the tenant has the exclusive right to buy the property from the landlord. If
the Tenant takes advantage of the option, the Tenant's option deposit will go towards the purchase
price of the property. If the Tenant does not take advantage of the option, the Landlord will get to
keep the deposit and neither party will have any further rights or claims against each other
concerning the option.
