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In an option contract, the seller is the optionor and the buyer is the optionee. The owner of the property grants an option to a buyer, making the seller the optionor and the buyer the optionee. This is a unilateral contract where the seller is obligated to sell, but the buyer has the option to buy. When the buyer exercises their option, it becomes a bilateral contract. The option can be assigned to another party unless the contract prohibits it. In a lease option, the lessee agrees to lease with an option to buy. The option is typically given for some consideration, which can be upfront money or added to the rent to apply towards the purchase later. The lessee is the optionee, and the lessor is the optionor, as they have the option to purchase at a specified time.
