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hello im nadia macleod from rpmre legal kits and we help businesses cut their legal costs with our online template kits an option to buy real estate is a contract between two parties giving the purchaser the exclusive right to buy the property without the obligation to buy it during the term of the option no one else can buy the property or sell it including the owner for accepting this obligation the seller receives and keeps an option fee whether the option is exercised or not the buyer may then either exercise his or her right under the contract by completing the property purchase or they can sell the option to someone else to exercise it or to sell it if the option holder exercises the 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 of it without paying the full price the rpmre real estate option agreement defines the rights and respon