Contracts
What is an option contract in Nevada real estate?
AA contract where both parties have the right to cancel at will
BA contract giving the buyer the right, but not the obligation, to purchase a property within a specified time for a set price✓ Correct
CA lease with an automatic renewal clause
DA contract where the seller can choose the closing date
Explanation
An option contract gives the optionee (buyer) the exclusive right to purchase the property at a fixed price within a stated period. The optionee pays an option fee (consideration) for this right but is not obligated to purchase.
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