Option means choosing or having the power to choose anything. It also means a stock market instrument for purchase or sale.
The definitions of option may include the following:
• The alternatives for a choice or decision.
• The power to choose or decide.
• A contract for the right to sell/purchase commodities, securities, or property interest at a fixed price and in a specified duration.
A real estate option indicates any contract of a unilateral nature. There is the seller or optionor who gives the right to the buyer or optionee for buying property for a pre-fixed sum and within a particular timeline. The seller gives a choice to the buyer or an option for buying property within this time period and at the pre-fixed price.
