Exclusive Option
/ɪkˈskluː.sɪv ˈɑːp.ʃən/
Definitions
- (n.) A contractual right granting one party the sole option to enter into a transaction before others may do so.
The developer secured an exclusive option to purchase the land within six months.
- (n.) A clause in a contract that restricts the seller from negotiating with others during the option period.
The exclusive option clause prevented the owner from seeking other buyers.
Forms
- exclusive option
- exclusive options
Related terms
See also
Commentary
Exclusive options are often used in real estate and commercial transactions to provide a time-limited right of first negotiation or purchase, requiring clear terms to avoid disputes over exclusivity duration and scope.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.