A contract giving one party the right to require the other to buy or sell a property at an agreed price within a set timeframe. A "put" option gives the seller the right to require the buyer to purchase; a "call" option gives the buyer the right to require the seller to sell. Commonly used in development transactions to control a property without full commitment.
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How to choose a selling agentInterview process, the appraisal-price trap, and the listing agreement.