Option To Purchase

Business, Legal & Accounting Glossary

Definition: Option To Purchase

Option To Purchase

Full Definition of Option To Purchase

In land law, an option to purchase is a contractual arrangement by which the seller gives the prospective buyer a right to buy within a particular time. To be valid, an option must be supported by consideration, but the consideration may be nominal. An option is a type of estate contract and in order for it to bind a subsequent purchaser, it should be protected by an entry on the charges register against the registered title (if registered) or a class C(iv) land charge if not.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Option To Purchase. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
September 26, 2023 https://payrollheaven.com/define/option-to-purchase/.
Chicago Manual of Style (CMS):
Option To Purchase. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/option-to-purchase/ (accessed: September 26, 2023).
American Psychological Association (APA):
Option To Purchase. PayrollHeaven.com. Retrieved September 26, 2023
, from PayrollHeaven.com website: https://payrollheaven.com/define/option-to-purchase/

Definition Sources

Definitions for Option To Purchase are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 6th April, 2020 | 0 Views.