What is the term for the right that an owner may give to another person to purchase or lease their real estate at a specified price?

The term for the right that an owner may give to another person to purchase or lease their real estate at a specified price is known as an option. An option is a legally binding agreement that grants the individual who holds the option the exclusive right to buy or lease the property within a specified time frame and at a predetermined price. This arrangement can be beneficial for potential buyers, as it allows them to secure the opportunity to acquire the property without the immediate obligation to purchase it.

In contrast, a lease pertains to the rental of property rather than giving a purchasing option, so it does not fit the context of buying or leasing at a specified price. The right of first refusal, while related, does not guarantee a purchasing option but rather gives the holder a chance to purchase the property if the owner receives an offer from another party. Finally, a contract is a broader term that refers to any legally enforceable agreement between parties but does not specifically denote the right to purchase or lease a property at a set price.