... unilateral right to do something. For example, the right to renew a lease or purchase a property. The “optionee” is the holder of the option. The optionor is the grantor of the option. The optionor ... wherein the buyer makes payments in a manner similar to a mortgage. The buyer has “equitable title.” However, the seller holds legal title to the property until the contract is paid off. The buyer ... foreclosure, 19 Forms, sample, 142–78 Deed of Trust, 153 54 Good Faith Estimate of Settlement Costs, 148 50 Mortgage, 155 –70 Note, 151 52 Option to Purchase Real Estate, 171–72 Real Property...