Definitions Of Key Real Estate Terms O
This article provides the definitions of key estate terms beginning with the letter O.
Occupancy Permit
is a permit granted by the appropriate governmental organization that establishes a building is suitable for habitation.
Offer and Acceptance
is two essential component of a valid contract.
Offeror
is the person that makes the offer.
Offeree
is the person that receives the offer.
Open Listing
is a listing contract that requires the broker to produce a buyer in order to be paid a commission. In an open listing the no commission is paid to the broker if the owner procures a buyer on their due to their actions.
Option
is an agreement to keep open for a predetermined period the right to buyer sell, or lease real property.
Origination Fee
is a fee charged by a lender for making a loan.
Owner of Record
is the person who appears to in the public records to be the owner of the real property.
Owner’s Title Policy
is a title insurance policy that protects the owner from defects in the title. Owner’s title policy is normally in the amount of the appraised value of the real property.
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