Buyer Brittany has a signed document that would allow her to purchase a property within one year at an agreed upon price. Which contract feature allows this type of agreement?

Question

Joyce Solomon

Business

14 December, 21:16

Buyer Brittany has a signed document that would allow her to purchase a property within one year at an agreed upon price. Which contract feature allows this type of agreement?

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Answers (1)

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Mikaela Kline · Answer 1

a purchase option

Explanation:

A purchase option in a real estate contract allows the buyer to purchase a property within a certain specified of time for an agreed price. For example, I have a purchase option that allows me to buy an apartment within 6 months for $150,000.

While the purchase option is valid, the seller cannot sell or transfer the property to another buyer.