An option to purchase real estate form is a document where the buyer of a real estate property mentions an amount of money which he will pay as a fee for the getting the right to buy the property at a predetermined price within a specific time period. Although the buyer pays this amount, the owner still technically owns the property and does not relinquish any ownership rights. If the buyer does not purchase the real estate property within the time period specified in the form, then the fee is forfeited and the option becomes null and void. These forms are usually signed by buyers and developers of large properties.
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