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The video discusses the option to purchase agreement, referred to as the simple marketing agreement, which is signed with a motivated seller. This agreement allows the buyer to gain equitable interest in the property for marketing purposes. The speaker emphasizes the importance of having a clear understanding of the contract and includes a laminated copy for reference during site visits. Key elements of the contract include the address of the property, the date of signing, and a timeframe of 60 to 90 days from the date signed. The speaker aims to ensure clarity and prevent mistakes in filling out the agreement.