Real estate purchases may not be immediate sales. There are times an option contract is filled in which states that once the contract has been signed upon and agreed upon, the offer cannot be revoked. This is used to ensure the sale of the real estate happens but it may be a different schedule which is followed for it. In this what happens is that the home or the landowner gives an offer to sell and in return for receiving a payment from the buyer. This offer for a period of time remains open at that price and only for that buyer. Most of the time, these are tenants who are the ones renting the property.
In cases like these, it is called a lease option contract. Sometimes, it is the developer who wants to buy it but needs time to find out more in terms of researching about the property and getting the permits which are needed before he or she commits to buying the property. As per the terms and conditions which are mentioned in the Option To Purchase Real Estate the contract created is binding on both parties. The seller needs to only sell it and the buyer must buy it for the price which both have agreed upon and in the terms which have been mentioned in the contract and no deviations should be entertained. Else the contract is null and void. The contract benefits both the buyer as well as the seller though the buyer benefits more.
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