An Option to buy Real Estate is a contract between two parties giving the purchaser the exclusive right to complete the purchase, without the obligation to buy the property.
During the term of the option no-one else can buy or sell the property including the owner.
For accepting this option the seller receives and keeps an option fee, whether the option is exercised or not.
The buyer may then either exercise his or her right under the contract by completing the property purchase, sell the option to someone else to exercise (or sell) or simply let the option expire
If the option holder exercises their right under the agreement contract, the seller is obliged to complete the sale under the conditions of the Option to Buy Real Estate Agreement.
A property purchase option represents an equitable interest in the real estate and is often used to obtain control over a property for a small amount of money.
Buy and Download Option to Buy Real Estate Agreement