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OPTION

Option means choosing or having the power to choose anything. It also means a stock market instrument for purchase or sale.

Definition

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.

Use of Option in Real Estate

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.

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