Utilizing a Purcase Option
A real estate purchase option is a document that grants the optonee the right to acquire a piece of real property at a fixed price during the term that the real estate purchase option is in effect. During the option period, the owner is prohibited from selling property to anyone other than the optionee. The purchaser has the right, but not the obligation, to purchase the property during the term negotiated. The purchaser can let the option expire without purchasing the property if they decide that the purchase is not to their financial advantage. Your only loss, in this case, would be the price you paid for the real estate purchase option.
