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In this teaching Tuesday session, Brett Thompson from Thompson Law Group clarifies the difference between an option contract and a first right of refusal, addressing a request from a real estate agent. An option contract allows a buyer to secure the right to purchase a property for a set period, essentially "buying time." For example, a buyer might pay $10,000 to the property owner, granting them the exclusive right to buy the property within a specified timeframe. This agreement can exist separately or be integrated into lease terms or purchase contracts. In contrast, a first right of refusal gives a potential buyer the chance to purchase the property before the owner sells it to someone else but does not guarantee the option to buy.
