An optionee is the individual or entity that receives an option to purchase property at a future date for a predetermined price. This provides the optionee the right but not the obligation to complete the transaction. Options are commonly used in real estate and financial markets.
A financial agreement that changes the priority of claims on a property, such as converting a first mortgage to a second mortgage.
The Truth in Lending Act (TILA) is a federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. Implemented by Regulation Z, it aims to standardize and safeguard credit transactions, ensuring consumers are aware of and understand key aspects of the financial agreements they enter.
