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The Option Agreement or Option to Purchase Agreement gives the tenant-buyer the right to purchase the home from the seller at a later date. It specifies how long the option agreement is valid. It states how long the tenant-buyer has to execute the purchase and close on the home. The option agreement usually does NOT specify the purchase price or terms of the purchase. It does, however, specify the amount of the option fee and whether there is a monthly option credit (option credits are an agreed upon amount that will be credited toward the purchase price should the renter purchase the property as agreed).

The Option Fee is what makes the Option Agreement valid; however, it is not 100% necessary to make it valid. Remember, option fees are non-refundable, but security deposits are refundable. Signing the Rental Agreement, which is a promise to pay (like a promissory note), would also be valuable for enforcing the option. As the buyer, you will want your option fee to be as little as possible (or only pay a security deposit), giving you less of a risk.