Generally, Option is the right to do something, while Option Price is the amount Tenant-Buyer pays to Property Owner or Real Estate Investor for the right.
Initial Option is the Option price pay by the Tenant-Buyer to the property owner for the right to purchase the property at a certain price in the future.
Some Real Estate Investors or Property Owner may request for monthly option. This is an amount Tenant-Buyer pay monthly to Real Estate Investors/Property Owner to keep the option right alive. Its usually an amount less than the Initial Option
Some RTO agreement might request for last option. This is the option you pay when Tenant-Buyer is exercising the right to purchase the property
Option Lease Agreement
This is the agreement executed between the Tenant Buyer and Property Owner/Real Estate Investor detailing the terms and conditions of the lease during the Tenanting period. It specify the responsibility of the Tenant-Buyer and Property Owner including the cost of repairs and maintaining the property during the lease period
Option to Purchase Agreement
This is the agreement detailing the terms and condition regarding the purchasing of the property. It contains the agreed purchase price, last option if any etc.
This is the monthly rent payable for occupying the property during the lease period. It is usually covered in the option lease agreement
This is the negotiated price between the Tenant-Buyer and the property owner. Its usually stated in the Option to Purchase agreement