Who is the optionor in an option contract?

In an option contract, the optionor is the party who grants the right to another party to purchase or lease an asset at a predetermined price within a specified time frame. This role is specifically associated with the seller who is providing the buyer (optionee) the option to purchase the property.

The seller has the obligation to adhere to the terms of the option if the buyer decides to exercise their right. This contractual relationship allows the buyer to secure the property for a certain period without the immediate requirement to buy, providing them leverage and flexibility. Option contracts are common in real estate transactions where the buyer needs time for due diligence or financial arrangements, while the seller keeps the option open for the potential sale.

Other roles mentioned in the options are not correct as they do not have the legal responsibility to grant or uphold the purchasing right within the context of an option contract. For example, the agent typically facilitates the agreement but does not hold the rights associated with being the optionor, and a third party is not directly involved in the contractual obligations between the optionor and optionee.