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In this tutorial, Peter Jones, a chartered surveyor and property investor, explains option agreements in property. He defines an option as a legal contract that allows a buyer to control a property, granting the right to purchase it at a predetermined price in the future without the obligation to do so. He notes that while options are a well-established concept in the stock market and even date back to medieval silk trading, they are a relatively new practice in residential property investing. Importantly, the vendor who issues the option is obligated to sell the property if the buyer chooses to exercise their right.