An option to purchase agreement is:

[segrsyd]

An option to purchase agreement is:
◦ a contract by which an offeree promises to buy the property offered at a later date set in the contract.
◦ a contract by which the offeror of property promises to hold his offer open for a period of time during which the offeree can accept the offer and the property can't be sold to another.
◦ a contract transferring the fee simple to a new owner.
◦ a contract that provides that a debtor will transfer title in property to a creditor as security for repayment of the debt.
◦ a contract that provides that a seller will retain the title in the property until the buyer has made all of the required payments.

[Alyson.hiatt@yahoo.com]

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[segrsyd]

Wow, this really help

[steff9894]

Great answer, keep it coming