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Replace Option Field into the Advertising Agreement Template

Replace Option Field into the Advertising Agreement Template

Aug 6th, 2022

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How to Replace Option Field into the Advertising Agreement Template

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11 votes

Nadia MacLeod from RPMRE Legal Kits explains the concept of a real estate option, which is a contract granting the purchaser exclusive rights to buy a property without the obligation to do so. During the option term, no other party, including the owner, can buy or sell the property. The seller receives an option fee for this exclusivity, irrespective of whether the buyer exercises the option. The buyer can choose to either proceed with the purchase or sell the option. If the buyer exercises the option, the seller is obligated to complete the sale under agreed conditions. This option provides an equitable interest in the property, allowing control without full upfront payment. RPMRE's agreement defines the associated rights and responsibilities.

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