The option to purchase a property or business at a later date empowers both parties of the agreement. The option money can be substantial, or it can be as little as £1 and the purchase price can be agreed at the time or the buyer can agree to pay the market value. The terms of the agreement are negotiable but the duration of the agreement is usually from one to three years. This gives the option buyer the chance to add value to the property for flipping or convert for cashflow for instance. This also empowers a motivated seller or landlord, aleviating them of the burden of mortgage payments. The rest of the content will save you money as it details an example option to buy agreement before going to a legal representative to review if at all required.
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