Which type of contract gives the buyer a specific timeframe to purchase property?

An option contract is specifically designed to provide the buyer with the exclusive right to purchase property within a designated timeframe. This contract outlines a specific period during which the buyer can decide whether to proceed with the purchase, often for a predetermined price. Should the buyer decide to act within that timeframe, the seller is legally obligated to honor the terms of sale.

In contrast, a lease agreement typically grants the tenant the right to occupy a property for a certain period without any obligation to purchase. A sales contract is generally an agreement for the transfer of property ownership but does not necessarily grant the buyer a specific timeframe within which to decide on the purchase; it often sets the terms for an immediate sale. An installment contract allows the buyer to make payments over time instead of paying the entire purchase price upfront, but it does not inherently specify a unique timeframe akin to that of an option contract. Thus, the option contract is the most accurate choice as it specifically provides the buyer with a timeframe to execute the purchase.