The buyer may then either exercise his or her right under the contract by completing the property purchase or sell the option to someone else to exercise (or sell).
If the option holder exercises their right under the contract, the seller is obliged to complete the sale under the predetermined conditions.
An option represents an equitable interest in the property and is often used to gain control over a property without paying the full price.
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The document defines rights, and responsibilities of each party and clearly spells out specific conditions that apply to the transaction. This means it protects the interests of those involved by putting in writing what is expected of each party.