It allows the tenant to cancel the lease at any time for a fee in the amount of two months' rent.The tenant did indeed exercise that option, I pocketed the cash, and found a new tenant within a week. 

An an exercise, go on Zillow and find rentals in both cities. 

Plus it’s a learning exercise.  

Good exercise and can go as slow as I want.

After all, would you rather rent a 20-year-old condo, or would you prefer a newly built apartment with multiple pools, a theater, a running track, an exercise room, free WiFi, etc?

Please exercise caution and consult an attorney before spending any deposit money. 

You couldn't even exercise the option period anymore if you wanted to once assigned (another reason I have the nonrefundable deposit wired to me).

His wife, the boss, shook her head and said it's not necessary joking he needs the exercise.

Agreed, and if you have no experience in running a resort like this, you want to do the following exercise IMO - you want to be a managing member, landlord.

This might be a question for an attorney, but to circumvent the whole rigamarole of getting a new policy issued for buyer/seller, could you work into the CFD that in the event of title defect, Seller will reimburse Buyer's interest/equity in property in the event that the Seller's policy is exercised?