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A contractual agreement for a third party to hold funds required by contract and to be disbursed for specific repairs on the subject property.  Fully functional escrow agreement has protections in place for buyer, seller and escrow agent. 
A contract between a real estate broker (or his/her agent representatives, acting in the broker's name) and a seller or sellers of real property to give the broker the right to offer the property for sale.
Option to purchase real estate form: buyer pays a fee for the right to purchase real estate at a predetermined price within the specified time period. The owner does not relinquish any ownership rights or transfer any obligations upon signing of the Option To Purchase Agreement. If buyer does not exercise the option within the specified time, the fee is forfeit and the option is null and void unless the parties agree, in writing, to an extension.
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