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Peter Jones, a chartered surveyor, author, and property investor, discusses option agreements in property investment. An option is a legal contract that allows an investor to take control of a property, giving them the right (but not the obligation) to buy it at an agreed-upon price in the future. While the concept of options is well-established in fields like the stock market and historical trade routes, it has recently gained traction in residential property investing. Importantly, if the investor chooses to exercise the option, the vendor is obligated to sell the property.