“Option for
Real Estate” Definition: An option is
unaccepted offer. It states that the terms and conditions on which the
owner is willing to sell or lease his land, if the holders elects to
accept them within the time limited. If the holder does so elect, he must
give notice to the other party, and the accepted offer thereupon becomes a
valid and binding the contract. If an acceptance is not made within the
time fixed, the owner is no longer bound by his offer, and the option for
real estate is at an end.
