Glossary
Option Agreement
A contract giving a buyer the right, but not the obligation, to buy, binding you while leaving them free to walk away.
An option agreement is inherently asymmetric: it gives the buyer flexibility while removing yours. A long inspection or due-diligence period in a standard purchase contract functions similarly. Be cautious of long option agreements with little or no earnest money, the buyer is securing the right to buy without taking meaningful risk.
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