An investor (the buyer) purchases a put option from a seller. On the expiration date of a put option:

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A put option gives the buyer (holder) the right to sell the underlying asset at the strike price to the seller (writer) on or before the expiration date. Therefore, on the expiration date, the buyer has the right to sell the underlying asset, and the seller has the obligation to buy it if the buyer chooses to exercise the option.

An Investor (The Buyer) Purchases a Put Option from a Seller