Contracts
An 'option contract' in Colorado gives the option holder the right to:
ARent the property at a fixed rate for a defined period
BPurchase the property at a specified price within a specified time period✓ Correct
CRefinance the property at current market rates
DCompel the seller to lower the price based on market conditions
Explanation
An option contract gives the optionee the right, but not the obligation, to purchase the property at a specified price within a set period. The optionor (seller) is bound to sell if the option is exercised; the optionee can let the option expire.
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