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Offer
Price
The buying price at which the prospective buyer is currently willing
to purchase or rent the property.
Open Listing
A type of listing agreement in which more than one real estate agent may
be employed to sell the property. The owner pays a commission only to
the agent who finds the buyer.
Option
An option is a
contract which gives the buyer (the owner) the right, but not the
obligation, to buy or sell an underlying asset or instrument at a
specified strike price on or before a specified date. The seller has the
corresponding obligation to fulfill the transaction – that is to sell or
buy – if the buyer (owner) "exercises" the option.
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