A legal document giving a person the right to buy. In the document the price and period are specified. A fee is paid and if the person proceeds to buy the property the amount comes off the purchase price. When the person does not proceed to buy the property the fee is forfeited.
An agreement granting a potential buyer the right to buy a piece of property within a predetermined period of time.
A legal document giving a person the right to buy. The document outlines the required price and applicable period, with a fee being applicable. If the property is bought, the fee is deducted from the purchase price; if the purchase does not proceed, the fee is non-refundable.
A legally binding document which gives a person, for a fee, the right to buy something usually within a specific time frame at a specific price.
A legal document giving a person a right to buy. The price of the option and the period in which it must be exercised are specified in the option. Usually, a fee is paid and if the person proceeds to buy, the amount paid for the option is deducted from the purchase price. Where the person does not proceed to buy the property, the option fee is not refundable.