A New York Option Agreement to Purchase Real Estate is a contractual agreement between a buyer and a seller that gives the buyer the right, but not the obligation, to purchase the property at a predetermined price within a certain period of time. The buyer pays the seller a nonrefundable option fee to secure this right. This type of agreement is popular in New York because it provides a degree of certainty for both parties and allows the buyer to secure a property without having to commit to a full purchase contract. The two main types of New York Option Agreements to Purchase Real Estate are Lease Options and Assignment Options. A Lease Option is an agreement in which the buyer pays the seller an option fee and a monthly rent amount, and at the end of the lease term, the buyer has the right to purchase the property for a predetermined price. An Assignment Option is an agreement in which the buyer pays the seller an option fee and assigns their right to purchase the property to a third party who pays the buyer a fee for the assignment. In both cases, the option fee is nonrefundable and the buyer is not obligated to purchase the property at the end of the option period.