Contracts
In NC, an option contract gives the optionee (buyer):
AThe obligation to purchase the property
BThe right but not the obligation to purchase the property within a specified period✓ Correct
CTitle to the property upon signing
DThe right to occupy the property during the option period
Explanation
An option contract grants the optionee the right, but not the obligation, to purchase property at a set price within a specified period, with the optionor bound to keep the offer open.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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