Option Listing Agreement

Definition of "Option listing agreement"

Dawood Bedrosian
  RE/MAX Town Centre

A bilateral contract 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 specified price. An option listing agreement is purchased for a consideration and entitle the optionee to exercise the right of purchase within the time specified. If the option is not exercised within the specified time period, than it will expire worthless.

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