Real Estate Glossary

What is Options (In a Lease)?

Options in a lease are provisions that give the tenant the right to extend the lease or to purchase the property at a specific price and at a specific time in the future. This can be beneficial for both the landlord and tenant as it allows the tenant to secure a lease for a longer period and allows the landlord to secure a tenant for a longer period. Options can be used for both residential and commercial properties and are often used to secure long-term leases.