Types Of Contracts

Question 0

Option agreement

Answer 0

Gives buyer option to buy, seller must sell.

Contract is assignable.

Considered unilateral

If exercised its bilateral

Question 1

Sellers agreement to sell and buyers agreement to buy

Answer 1

Contract of sale

Purchase and sale agreement

Offer to purchase

Question 2

Lease option

Answer 2

Can purchase or renew lease or extend lease, rent may or may not be applied to purchase

Question 3

Land contract

Contract for deed
(Installment contract)

Answer 3

Seller (vendor) finances property and keeps rutile until final payment is made or other condition is met by buyer (vendee)

Typically buyer pays for property taxes and insurance and so on.

Question 4

Option contract

Answer 4

The right to purchase property within a definite time at specified price.