What is the term for a written agreement that allows a buyer a specific period to investigate a property?

The term that best describes a written agreement allowing a buyer a specific period to investigate a property is the "Option to Buy." This type of agreement grants the buyer the right, but not the obligation, to purchase the property within a specified timeframe. During this period, the buyer can conduct due diligence, which often involves inspections, assessments, and financial evaluations of the property. This option provides the buyer with the opportunity to make an informed decision without being immediately committed to the purchase, making it a valuable tool in real estate transactions.

In contrast, earnest money refers to a deposit made by the buyer to demonstrate seriousness about the purchase. Amortization involves the process of spreading out a loan into a series of fixed payments over time. A deed is a legal document that formally conveys property ownership but does not pertain to the investigational rights of a buyer. Understanding the "Option to Buy" is crucial for navigating real estate agreements and protecting the interests of both buyers and sellers.