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Q.

What is option agreement?

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0 2023-01-17T11:24:22+00:00

Hey,

Property buyers have to deal with numerous legal procedures and documents such as sale deeds, registration, and stamp duty. Often than not, it's not possible to pay the entire amount while purchasing a property. For these moments, an option agreement is a good bet. I will share what is option agreement and other details below. 

Check out properties on NoBroker without any brokerage charges, here. Avail NoBroker’s Legal Services for the verification of property documents Option agreement in real estate meaning: 

It is an agreement wherein the prospective buyer and landowner enter into an agreement for the buyer to have a right to buy the land/property in exchange for an option fee/sum of money. The buyer has the option to buy the property within the period defined in the agreement. Legally, the seller is not allowed to dispose of their property ( to any other party) whilst the option agreement remains in force.

The length of the option period can vary, it depends on both parties to set a length of time. Usually, it is influenced by the nature and scale of the potential development site. The buyer is not under any obligation to buy the immovable property. 

If the prospective buyer does not exercise the option during the ‘Option Period’, then the option to buy the property will expire. The landowner will be free to deal with the property as they wish. Such an agreement can be helpful in cases where the prospective buyer wishes to explore the viability of a property/project.

I hope my explanation of what is option agreement has helped you out.

Read more:

What is Sale Agreement?  Is it possible to cancel a sale agreement?

What is Bayana Agreement?