Property Ownership
In NJ, a 'purchase option agreement' is used by a buyer to:
ATransfer immediate ownership
BSecure the exclusive right to purchase the property within a specified time at an agreed price, paying an option fee✓ Correct
CExtend the attorney review period
DNegotiate a lower mortgage rate
Explanation
A purchase option agreement gives the buyer the exclusive right—but not the obligation—to purchase the property at a set price during the option period. The option fee is typically non-refundable and may apply to the purchase price.
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