Can I get an option?
An option hands one party the opportunity to close a buying agreement with another party using a unilateral declaration. Both parties have to agree on the terms and conditions of the sale beforehand. This can also be explained as time for consideration. Buying a new developed house is an option pretty common, as you buy based on designs which is a lot less clear and tangible compared to an existing house.
In the ‘existing’ housing market the option concepts is also being used, but usually that implies a time of consideration without having negotiated on the sale terms and conditions. It more looks like an affirmation from a selling agent to an interested buyer during the negotiation process. Such an affirmation can ensure that an interested buyer has a few days to think about an offer. The selling agent usually won’t be generous with options, because from that moment the sale stops and the object can’t be sold to anyone else while the potential buyer has the option to refrain from buying the house. A ‘right of first refusal’ can offer a solution in this situation. The buyer remains first buyer in such a case.
