option to purchase real property

option to purchase real property
A contract by which an owner of real estate agrees with another person that the latter shall have the privilege of buying the property at a specified price within a specified time, or within a reasonable time in the future, and imposes no obligation to purchase upon the person to whom it is given. 55 Am J1st V & P§27.

Ballentine's law dictionary. . 1998.

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