What does an option contract grant the optionee?

An option contract grants the optionee the right to buy property within a specified timeframe. This type of agreement creates a unilateral contract where the optionor (the party granting the option) gives the optionee the exclusive right to purchase the property at a predetermined price within the agreed-upon period. The key aspect of this arrangement is that the optionee is not obligated to follow through with the purchase; rather, they have the choice to do so. This flexibility can be beneficial in real estate transactions, as it allows potential buyers to secure a property while they assess their financial situations or await additional property developments.

The other options do not accurately define the nature of an option contract. While leasing would involve a different agreement entirely, obligations to purchase property fall outside of what an option contract entails, as it solely provides a choice, not an obligation. Additionally, the right to sell a property pertains to different contractual rights and is not relevant to the context of an option contract directly related to purchasing.