Contracts
In New Mexico, an 'option contract' in real estate gives the optionee (buyer) the:
AObligation to purchase the property within the option period
BRight but not the obligation to purchase the property at a specified price within a specified time period✓ Correct
CRight to sell the property to a third party
DRight to lease the property indefinitely
Explanation
An option contract gives the optionee the exclusive right to purchase at a set price within a set period. The optionee is not obligated to exercise the option. If they do not exercise it, the option consideration (premium) is typically forfeited to the seller.
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