Option to Purchase

An Option to Purchase is a legal agreement giving a buyer the right, but not the obligation, to buy a property at a predetermined price within a specific time frame. It's commonly used in real estate, allowing potential buyers to secure a property while they arrange financing or finalize their decisions. If the buyer chooses to proceed, they pay the agreed price; if not, the seller keeps a fee for holding the option. This arrangement provides flexibility and protection for the buyer while giving the seller some assurance of interest in the property.