In many cases, people know if they are planning to move months or years in advance of their planned moving date. Options allow buyers and sellers to lock-in a set price and date for the sale of the property. This allows both parties to better plan for their future both financially and logistically than waiting to try to close a deal at a later date.
What is an option?
An option contract gives a buyer the right (but not the obligation) to purchase a property in the future at a set price at a predetermined date. When a seller sells an option to a buyer, they are agreeing that they will not sell the property to another buyer before the expiration date. The seller must sell the property at the agreed price in the option contract if the buyer decides to exercise their right to purchase the property on the expiration date.
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