A purchase option (opción de compra) is a contract by which one party, known as the option holder (optante), acquires the exclusive, time-limited right to buy an asset, usually a property, at a price and on terms agreed in advance, within a set period.
What is it for?
- Grants an exclusive right to decide whether or not to buy the asset
- Sets a fixed period for exercising the option
- Allows the purchase price and terms to be fixed in advance
- Protects both the seller and the buyer during negotiations
What does the notary do?
- Receives and reviews the request to formalise the purchase option
- Drafts the purchase option contract or public notarial record
- Checks the identity and capacity of the parties involved
- Attests, signs and seals the document to give it legal validity
Main features
- The option holder has a limited period in which to complete the purchase
- The right to buy is exclusive and cannot be transferred without consent
- It usually applies to property, but can extend to other assets
- It is an agreement that precedes the final contract of sale
Important considerations
- The contract must clearly set out the period, price and terms
- If the option holder does not exercise the option within the period, the right is lost
- The option holder may pay a sum as a guarantee or advance payment
- It is advisable to seek advice to avoid unfair terms
Legal value
A purchase option formalised before a notary is fully legally valid, and is a public document that provides security and legal certainty in the negotiation and eventual transfer of the asset.