An option contract in Michigan gives the buyer:

An option contract does not transfer ownership of the property; it merely gives the option holder the right to purchase. Ownership only transfers if and when the option is exercised and a purchase agreement is completed.

An option contract does not create an immediate equity position. Equity develops only after the option is exercised, a purchase agreement is signed, and the buyer has invested in the property.

An option contract is not a lease. While it may give the right to purchase, it doesn't grant possession rights that a lease provides unless specifically negotiated.