Contracts
In West Virginia, an option contract gives the optionee the:
AObligation to purchase the property at the specified price
BRight but not the obligation to purchase the property within the option period✓ Correct
CFirst right of refusal if the owner decides to sell
DRight to lease the property during the option period
Explanation
An option contract gives the optionee the exclusive right to purchase a property at a set price during a specified period, but does not obligate them to do so. The option consideration is typically nonrefundable.
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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.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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.
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