What does "option to buy the lot through a buyers consortium" mean?

Question

In a real-estate deal.

Answer 1

I'm guessing you are a seller and a buyer gave you a contract with that in it.  Anyhow, it means they want an option to buy the lot and the buyer will be a consortium - essentially one or more people or companies.

This is very open ended language and will serve to protect the buyer no matter what they do.  If you are getting an offer with this language be very careful in your dealings with the sellers and get a good deposit before accepting anything (and maybe have a lawyer look over all contracts).