|
|
 |
Obsolescence
The loss of value due to factors that are outmoded or less useful.
Obsolescence may be functional or economic.
Occupancy permit
A permit issued by the appropriate local governing body to establish that
the property is suitable for habitation by meeting certain safety and health
standards.
Offer and acceptance
Two essential components of a valid contract; a "meeting of the minds."
Office of thrift supervision(OTS)
Monitors and regulates the savings and loan industry. OTS was created by
FIRREA.
Open-end loan
A mortgage loan that is expandable by increments up to a maximum dollar
amount, the full loan being secured by the same original mortgage.
Offer
A proposal to purchase property at a specified price and terms.
Open House
The common real estate practice of showing "For Sale" homes to
the public during established hours.
Open house
An opportunity for prospective buyers to view a house in a low pressure
environment.
Open listing
A listing under which the principal (owner) reserves the right to list his
property with other brokers.
Option
The right to purchase property within a definite time at a specified price.
There is no obligation to purchase, but the seller is obligated to sell
if the option holder exercise the right to purchase. For the option to be
valid, it must include consideration.
Option fee
An amount of money payed by a prospective Buyer, to a Seller, in order to
obtain an option period, as specified in Paragraph 7 of a TREC promulagated
earnest money contract. If a Buyer decides to close on the property, the
option fee may be credited to his funds at closing.
Option
period
Current residential earnest money contracts, promulagated by the Texas Real
Estate Commission offer the choice of an option period, under Paragraph
7. During this period, the length of which is negotiable, the Buyer has
a right to inspect the property and has an absolute right to terminate the
offer/contract for any reason, without penalty. In exchange for this option
period, the Buyer pays an option fee to the Seller. If the Buyer decides
to continue with the sale of the property, this option fee may be credited
to him at closing. Typical option periods run from 7 to 14 days long.
Ordinance
A law adopted by a town or city council, county board of supervisors or
other municipal governing board. Typically, local governments issue ordinances
establishing zoning and parking rules and regulating noise, garbage removal,
and the operation of parks and other areas that affect people who live or
do business within the locality's borders.
Origination fee
A fee charged by lenders, in addition to interest, for services in connection
with granting of a loan. Usually a percentage of the loan amount.
Original Principle Balance
The total amount of principal owed on a mortgage before any payments are
made.
Origination Fee
On a government loan the loan origination fee is one percent of the loan
amount, but additional points may be charged which are called "discount
points." One point equals one percent of the loan amount. On a conventional
loan, the loan origination fee refers to the total number of points a borrower
pays.
Ostensible agency
A form of implied agency relationship created by the actions of the parties
involved rather than by written agreement or document.
Owner Financing
A property purchase transaction in which the property seller provides all
or part of the financing.
Owner's Title Policy
A policy protecting the buyer for the amount of the purchase price in the
event of a future title dispute.
Owner of Record
A loss in value of real property caused by changes either internal or external
to the property.
|
|
Information
contained herein is deemed accurate and correct, but no warranty
is implied or given.
Copyright © 2005 REB2B.com
|
|
|
