An option is usually an irrevocable offer which cannot be withdrawn within the stated period as there is a binding contract between the parties.


An "option to buy".

The grantee of an option obtains an equitable interest in the property which can be protected with a caveat. An option must satisfy all the rules of a contract to be binding on the parties such as the need for consideration. Generally an option in an interest in land and therefore, must be evidenced in writing.