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In an option contract, the seller is the optionor and the buyer is the optionee. The owner of the property gives an option to a buyer, making the seller the optionor and the buyer the optionee. It is a unilateral contract where the seller is obligated to sell, but the buyer has the option to buy. When the buyer exercises the option, it becomes a bilateral contract. The option can be assigned to another party unless the contract forbids it. In a lease option, the lessee agrees to lease with an option to buy, usually for consideration upfront or added to the rent for later purchase. The lessee is the optionee and the lessor is the optionor.
