Key Real Estate Terms O | Myers & Myers Real Estate

Published On: July 1, 2011|

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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Definitions Of Key Real Estate Key Terms O

John Myers Broker / Owner

John Myers is the Owner and Qualifying Broker of Myers & Myers Real Estate and has been licensed in New Mexico since 2010. A lifelong New Mexican who has lived in Albuquerque since 1981, John brings deep local knowledge and long-term market perspective to every transaction. He serves clients throughout Albuquerque, Rio Rancho, Corrales, Los Lunas, Placitas, Edgewood, Los Ranchos de Albuquerque, Tijeras, Sandia Park, Cedar Crest, Belen, and Bosque Farms. John specializes in working with home buyers, sellers, and real estate investors, with extensive experience in new construction and luxury homes. He holds multiple industry certifications, including Accredited Buyer’s Representative (ABR), Seller Representative Specialist (SRS), Pricing Strategy Advisor (PSA), Luxury Home Certification (LHC), Short Sale Foreclosure Resource (SFR), Certified Distressed Property Expert (CDPE), Certified Investor Agent Specialist (CIAS), and Certified Real Estate Investing (CRI). John also holds a Bachelor of Science in Electrical Engineering and a Master’s degree in Finance, combining technical analysis, financial expertise, and real-world experience to guide clients through complex real estate decisions with clarity and confidence.

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