Contracts
An option contract in North Carolina:
AObligates both parties to complete the sale
BGives the optionee the right, but not obligation, to purchase at a set price within a set time✓ Correct
CIs automatically void if the property is listed in MLS
DRequires no consideration to be valid
Explanation
An option contract gives the optionee (potential buyer) the right but not the obligation to purchase the property at the agreed price within the option period.
Related North Carolina Contracts Questions
- A counteroffer in North Carolina real estate:
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