Contracts
A Vermont real estate 'option contract' gives the optionee (buyer) the right to:
ARequire the seller to lower the price within the option period
BPurchase the property at a fixed price within a specified period, without being obligated to do so✓ Correct
CRent the property indefinitely
DRecord a lien on the property
Explanation
An option contract gives the optionee the right — but not the obligation — to purchase a property at a predetermined price within a specified period. The optionee pays consideration (option fee) for this right. If the option is exercised, the property is sold at the agreed price.
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