contracts

optionor

The optionor is the property owner who grants an option, giving another party, the optionee, the right to buy or lease the property at a set price within a set time. Once the option is granted for consideration, the optionor is bound and cannot sell to anyone else or withdraw during the option period. The optionee, however, is free to decide whether to exercise the option, making it a unilateral obligation until exercised.