What is the primary obligation of the seller in an option contract?

In an option contract, the primary obligation of the seller is to take the property off the market. This means that during the option period, the seller agrees not to sell or transfer the property to anyone else, thereby granting the buyer the exclusive right to purchase the property at a predetermined price within a specified time frame. This exclusivity is essential for the buyer to have the opportunity to evaluate the property and secure financing, if necessary, without the pressure of competing offers from other potential buyers.

While closing within 30 days, providing financial disclosures, or listing the property with an agent might be relevant in various real estate transactions, they do not capture the essence of the seller's obligations under an option contract. The primary focus in an option agreement is to ensure the buyer's right to acquire the property without interference from other potential transactions.