Contracts
An 'option contract' in Pennsylvania real estate gives the optionee the:
AObligation to purchase the property within a specified timeframe
BExclusive right to purchase the property at a specified price within a specified time, without the obligation to do so✓ Correct
CRight to lease the property with no option to buy later
DAuthority to list the property for sale on behalf of the optionor
Explanation
An option contract gives the optionee (buyer) the exclusive right — but not the obligation — to purchase a property at a specified price within a specified period. The optionee pays consideration (option money) for this right.
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