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The video discusses an option to purchase agreement, referred to as a simple marketing agreement between an investor (optionee) and a motivated seller (optionor). This document provides the investor equitable interest in the property, enabling them to market it. Key elements of the contract include the property address, the date of signing, and the timeframe for the agreement, typically ranging from 60 to 90 days. The speaker emphasizes the importance of clearly understanding the terms and structure of the agreement, noting that they keep a laminated copy for reference during site visits to avoid mistakes in filling out the contract.
