Final answer:
A seller is usually not allowed to sell the property to another party while an option agreement is in place, as it grants the option holder exclusive rights to purchase the property within the time frame specified in the agreement.
Step-by-step explanation:
In an option agreement context, a seller is generally not permitted to sell the property to another party while the option is in force.
This is because an option agreement grants the holder the exclusive right, but not the obligation, to purchase the property at a specific price within a certain time frame.
By entering an option agreement, the seller has made a commitment to the potential buyer that typically includes not selling the property to anyone else during the option period.
It's essential to understand that an option agreement binds the seller to the terms agreed upon. If the seller violates these terms by selling the property, they may face legal consequences, such as being sued for breach of contract.
The precise terms of the agreement and the laws of the jurisdiction where the property is located will ultimately determine what the seller is legally bound to do under the option agreement.