Real Estate Contracts - Two Forms Contract for Purchase and Sale Contains a provision for a "Financing and Inspection Period" which is a negotiated period of time for the Buyer to perform all desired "due diligence" during which the Buyer can cancel at any time and get the deposit back. Option Contract for Purchase and Sale Exactly like the Contract for Purchase and Sale EXCEPT that the first paragraph contains option language wherein the Buyer pays a fee to have an option to purchase for a specified period of time. Use this form where the Buyer needs a relatively long period of time to put the deal together and the Seller refuses, without the payment of a fee, to take the property off the market for that period of time by giving the Buyer the exclusive right to purchase..