If a party has an option to buy a piece of property, is that person obligated to purchase the property at the end of the option period, must they pay off all of the seller's existing liens on the property, can they take out a loan on the property in the seller's name, or did they pay consideration for the option?
1) is obligated to purchase the property at the end of the option period
2) must pay off all of the seller's existing liens on the property
3) can take out a loan on the property, in the seller's name
4) paid consideration for the option