i take that they have a sheet of paper that gives them the option to purchase this land - thats it - paper. They don't own it, we dont know if they have financing in place to buy it, we dont know the terms of the "option" which can vary from "non-recourse" to penalties for failure to execute purchase and everything else in between.
The point is that an option is nothing more than that. For example. I have an option to go and buy a ferari tomorrow. I cant afford it, cant finance it, may not even have a deposit on it.... it doesn't make the ferari "pretty much mine".
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