Definition of "Option"

Jillian Hommel
  Berkshire Hathaway HomeServices Zack Shore Realtors

  1. The right to buy or sell an item at a specified price within a given period of time. If the right is not exercised after a specified time, the option expires.
  2. The ability or right to choose a certain alternative. An example is a lease of a property with the option to buy.

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