Contracts
A unilateral contract in real estate is exemplified by:
AA standard purchase agreement
BAn option contract where only the seller is bound to perform✓ Correct
CA listing agreement between seller and broker
DA lease agreement between landlord and tenant
Explanation
An option contract is a classic unilateral contract — the seller (optionor) is bound to keep the offer open, but the buyer (optionee) is NOT obligated to purchase. Only one party is contractually bound to perform.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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