An option contract in real estate gives buyers the exclusive right to purchase a property at a specified price, without the obligation to buy. This differs from standard purchase agreements where both parties are bound to transact. Buyers must pay a non-refundable option fee to secure this right, and sellers cannot sell to others during the option period. Key elements include defining the optionor (seller) and optionee (buyer), the non-refundable fee, the purchase price, and the option period for making the decision to buy.
An option contract gives one party the right, but not the obligation, to buy or sell an asset at a specific price within a particular timeframe.
In exchange for this right, the buyer pays a non-refundable option fee, ensuring the property is taken off the market during the option period.
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