Sometimes there will be pre-conditions to your purchase. For example, you might need to get your structure in place or obtain a ‘speculative’ development approval.  Options can be ideal for these situations if done correctly.  A call option allows you to “call” upon the seller to sell the lot to you under a contract attached to the option agreement.  A “put” option allows the seller to require you to purchase the property. A “put and call”, is a combination of both with the “call” usually going first and the “put” coming second.