To increase the efficiency or effectiveness of a process as much as possible.
Option
(1) A document giving the right, but not the obligation, to purchase a piece of property at a predefined price and terms within a set time period. (2) The ability or right to choose a certain alternative. (3) Features offered in a new home that are not included at the base price - for example, upgraded cabinets.
Option listing
Listing agreement, which also gives the listing broker the right to purchase the property.
Option listing agreement
A contract, given for a consideration, where an optionor gives an option to the optionee for the right, but not the obligation, to purchase property within a certain period of time, at a certain price. If the option is not exercised within the specified period of time, it will expire worthless.
Option to purchase
Contract that gives one the right, without any obligation, to purchase a property, within a certain period of time and at a certain price, subject to conditions.
Optional
A right to select something or perform some act; not required.
Optionee
One who receives or purchases an option
Optionor
Person or business that gives or sells an option.
Oral
Statement made that is not in writing.
Oral agreement
Arrangements that are not memorialized in writing and are not usually legally binding.
