Option Agreement (Definition, Meaning) – As soon as a potential buyer shows interest in a real estate property, he naturally wants to prevent the seller from selling the property elsewhere. When this situation arises, there is the possibility that both parties create an option agreement, which obliges one party to buy or sell the property within an agreed time period. Once the contract expires, the seller can look for another buyer. Until then, the real estate remains reserved.
Option Agreement at a Glance: Contractual Reservation of Real Estate
An option agreement is created when someone is interested in a real estate property and wants to prevent someone else from buying this property. Within the agreed time frame, the interested party must decide whether to buy the property or not.
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