Legal Question in Real Estate Law in Illinois

The document would need to be reviewed, but a typical arrangement would tie you to the lease regardless the exercise or non-exercise of the option. The sellers, however, may be inclined to let you out and move on to another transaction if they know you will not be acting on the option and they think doing so may be in their best interest. Approach them unless you feel that may do more harm than good. Also, you should consider whether the option is assignable and, if so, whether anything can be gained from someone else exercising it.