Roberts has the chance to buy three adjacent city lots zoned as ...

[Jkov05]

Roberts has the chance to buy three adjacent city lots zoned as "duplex." The most profitable return would be the building of four townhouses across the three lots, but that would necessitate getting permission from the city, and that procedure takes time. If Roberts buys a 60-day option from the seller of the properties for $400, which of the following is true?
◦ If Roberts does not exercise the option during the option period, she can later force the seller to sell that property to her at that price.
◦ The seller is bound by contract neither to sell the property to any other party nor to revoke the offer within the option period.
◦ If Roberts does not exercise the option, she will get her $400 back because she didn't get what she was bargaining for.
◦ By buying the option, Roberts has bought a period of time during which she must accept the land offer.
◦ The offer for the properties will expire before the end of the designated 60-day period if another person offers a higher price.

[Viet Thy]

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[Jkov05]

Thanks for the timely response, appreciate it

[dawsa925]

Excellent