What is the Difference between Option to Purchase (OTP) and Offer to Purchase?

When you’re diving into the property-buying world, you’re gonna run into these acronyms: “Option to Purchase” (OTP) and “Offer to Purchase” (also, OTP – confusing, right?).

To keep it simple, we usually call “Option to Purchase” just “OTP,” while “Offer to Purchase” gets shortened to “Offer.”