Glossary of Real Estate terms - O click on the letter
Offer A written proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract, subject to the terms and conditions stated in the document. Open House An opportunity for prospective buyers to view a house in a low pressure environment. Open Mortgage A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty. Occupancy Permit The local building inspector's certification that the property has been fully completed in accordance with the building code and local regulations. Owner Financing A property purchase transaction in which the property seller provides all or part of the financing. |
Stan Shawn REALTOR® For Vancouver |