A major characteristic of an option agreement is that it:

The major characteristic of an option agreement is that it allows one party to purchase property at a later date. This type of agreement provides the buyer with the exclusive right to buy the property within a specified time frame and at a predetermined price, which is a critical feature. This flexibility is beneficial to the buyer, as it provides time to conduct due diligence, secure financing, or evaluate other factors before committing to the purchase.

In essence, the option agreement does not obligate the buyer to purchase; instead, it grants them a right that can be exercised at their discretion. This characteristic distinguishes option agreements from other real estate contracts, reinforcing the strategic utility of this tool in the realm of property transactions.