Question

For an option fee of 6000, a seller provided an option to a buyer for 90 days to purchase the property for 100000. However, during the option period, the seller decided not to go ahead with the deal. What will occur next?

Answer 1

If the seller decides not to proceed with an option agreement during the option period, the buyer may have legal grounds to enforce the sale or claim damages due to breach of contract, which could include a refund of the option fee and other costs.

Step-by-step explanation:

When a seller decides not to honor an option agreement during the option period, after receiving an option fee, the buyer generally has legal grounds to enforce the agreement. The option fee of 6000 paid by the buyer granted them the right, but not the obligation, to purchase the property for 100000 within the 90-day period. Given that the seller has retracted from the deal within the option period, this could be considered a breach of contract. The buyer could potentially seek legal recourse to either enforce the property sale under the agreed terms or claim damages, which may include refunding the option fee and any additional costs incurred. Specific outcomes will depend on the terms of the contract and local real estate laws.