Option contracts are used to reserve a parcel of land so that it will not be sold to someone else,while the developer does preliminary analysis of the site.

Question

Quizplus · Accepted Answer

Option contracts are indeed used to reserve a parcel of land while the developer does preliminary analysis of the site, providing the developer with the option to purchase the land at a later date if they decide to move forward with the project.

Option Contracts Are Used to Reserve a Parcel of Land