An "option" is a right given by a property owner to someone else to buy or rent the property for a certain period of time. This means that the owner cannot sell the property to anyone else during this time, and if the option is used, the owner must follow through with it.
These are questions that the above text answers:
1. What is an option in real estate?
2. How is an option different from buying or renting a property?
3. What does it mean for a property owner to give someone else an option?
4. Can a property owner sell the property to someone else while an option is in effect?
5. What happens if the option is used by the person who has it?
6. What are the rights of the person who holds an option?
7. Can a property owner refuse to follow through with an option?
8. How long does an option typically last?
9. Can an option be used to buy or rent a property?
10. What are the possibilities explored in an option agreement?