An Option Contract Real Estate (OCRE) is an agreement between a seller and buyer that gives the buyer the right, but not the obligation, to purchase a property. The seller of the property holds all title rights until the buyer exercises the option by paying the agreed-upon option fee. OCREs are often used as part of a real estate transaction in which financing, inspections, repairs and other activities are completed before the final sale. OCREs can also be used to control pricing of a sale, provide for marketing assistance or simply hold an investment until the desired market conditions become more favorable.