Where a person wants to obtain an option (or future right) to buy immovable property, an Option to Purchase Agreement may be used. The potential purchaser can then elect to buy the property at any time before the option expires, at the agreed price.
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This agreement can be used where the purchaser of a property pays the sale price off in instalments to the seller, as opposed to obtaining a mortgage bond from a financial institution. The contract sets out the basis on which the property will be transferred, and the terms of payment to the seller.