option to purchase real property

option to purchase real property

A contract by which an owner of realty enters an agreement with another allowing the latter to buy the property at a specified price within a specified time, or within a reasonable time in the future, but without imposing an obligation to purchase upon the person to whom it is given. [Cases: Vendor and Purchaser 18. C.J.S. Vendor and Purchaser ¡ì¡ì 98, 115.]
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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.