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REAL ESTATE 101


Real Estate Glossary - O

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Offer To Purchase
A written contract setting out the terms under which the buyer agrees to buy. Upon acceptance by the seller, it forms a legally-binding contract subject to the terms and conditions stated in the document.

Open house
Marketing tool in which a listing agent opens a house for public viewing

Open listing
A property given to a number of brokers to market at the same time.

Open Mortgage
A mortgage which can be prepaid at any time, without penalty.

Option Agreement
A document stipulating that, in exchange for a deposit, a specified individual is to be given the first chance of buying a property at or within a specified period of time. If the option holder does not buy at or within the specified period, he or she loses the deposit and the agreement is canceled.

Owner financing
A transaction in which the seller of a property agrees to finance all or part of the purchase.

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