Legal Question in Real Estate Law in New York

i'm selling a option to purchase a piece of property, $20,000. it is my belief its at my option to chose to take the $20,000 in when i receive it or at the end of the option period ..am i correct


Asked on 9/24/10, 7:00 am

1 Answer from Attorneys
Kristen Browde Browde Law, P.C.

Probably not.

If you're selling an option to purchase you are receiving a price for the option. The purchaser of the option has the right during the option period to purchase the property at a fixed price (whatever it is). The purchaser is not required to purchase the property, but has the option to do so.

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Answered on 9/29/10, 7:08 am


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