Property Management
A West Virginia commercial tenant exercises a lease option to purchase the property. Upon exercise, the parties must:
AOnly sign a one-page letter confirming the option was exercised
BExecute a formal purchase contract and proceed through the standard closing process✓ Correct
CComplete the transaction within 24 hours of option exercise
DHave the option automatically recorded to transfer title
Explanation
Exercising a purchase option triggers the obligation to proceed with the sale, but the parties still typically need to execute a formal purchase contract (unless the option agreement contains all purchase terms) and complete a standard closing with a deed transfer.
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