What is an Option?

An option is a type of contract that gives the buyer (optionee) the right, but not the obligation, to purchase a property at a specific price within a defined timeframe. The seller (optionor) receives a fee (option fee) for granting this right and is obligated to go along with the buyer's decision.

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Terrie O'Connor Realtors Real Estate School

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What is an Offer?

An offer is a formal proposal made by a buyer to purchase a property at a specific price and terms. The offer can be accept, rejected outright or just the start of a negotiation.

Would you like to learn more about Real Estate? Have you ever wanted to become a New Jersey Real Estate Salesperson License holder? Want to know more about being a New Jersey Licensed Real Estate Agent? Click on the link for the schedule of our upcoming classes for Real Estate: tocrres.com

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