After entering into the option, the grantor mortgaged the property and the grantee claimed a … Property option agreements The law says simply that an agreement to buy real property must be: in writing; signed by both parties; dated; and must identify the land being bought. As provided for above, the date of sending of said notice shall be the Option If a third party is nominated to purchase then the PAMDA requirements must again be complied with when the option is exercised. Note: The