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Peter Jones, a chartered surveyor and property investor, explains option agreements in property. An option is a legal contract enabling control over a property, allowing an individual to buy it at a future date for a price agreed upon today. While options have a long history in various markets, including the stock market and among silk traders, their application in residential property is relatively new. Importantly, options provide the right but not the obligation to purchase the property, while the seller must sell if the buyer chooses to exercise the option.