ContractsGeneralEASY
An option contract in Michigan gives the buyer:
Correct Answer
B) The right, but not obligation, to purchase within a specified time
An option contract gives the buyer the right, but not the obligation, to purchase the property within a specified time period.
Answer Options
A
Ownership of the propertyB
The right, but not obligation, to purchase within a specified timeC
An immediate equity positionD
A lease on the propertyVideo Explanation2 min
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Related Topics & Key Terms
Related Topics:
contract-types-in-real-estatepurchase-agreements-vs-option-contractsreal-estate-option-consideration
Key Terms:
option contractright without obligationoptionoroptioneeoption consideration
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