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Real Estate Glossary

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»	The Top Twelve Reasons Why You Should Hate the Mortgage Settlement As readers may know by now, 49 of 50 states have agreed to join the so-called mortgage settlement, w...

»	Private Homebuilders: Dead Men Walking One of the biggest impediments to housing's recovery is credit, tight credit. The Chairman of the Fe...

»	Robo-Deal Is All About Lowering Mortgage Principal It took more than a year to strike a deal, but here it is, the biggest government-industry settlemen...

Option

The right to purchase or lease property within a pre-determined time at a specific price. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercises the right to purchase. For the option to be valid, it must include consideration (i.e. earnest money).

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