Option to Lease

An Option to Lease is a contractual agreement that gives a tenant the right, but not the obligation, to lease a property within a specified period and under agreed terms. It functions much like a reservation, allowing the tenant to secure the opportunity to lease later while possibly paying an option fee. If they choose to proceed, the lease terms are typically predetermined. This arrangement provides flexibility for tenants to evaluate the property before committing fully, while landlords benefit from securing a potential tenant in advance.