Contracts
What is an 'option contract' in South Carolina real estate?
AA contract requiring the buyer to purchase the property
BA contract giving the buyer the right but not the obligation to purchase✓ Correct
CA contract that automatically renews annually
DA contract between two real estate agents
Explanation
An option contract gives the optionee (buyer) the right, but not the obligation, to purchase the property at a set price within a specified period. The optionor (seller) is bound to sell if the option is exercised.
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