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GLOSSARY of American & Mexican Real Estate Terms
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Obsolescence
A loss in value because of a decrease in the usefulness of property due to decay, changes in technology or people's behavior patterns and taste.
Offer and Acceptance - Oferta y Aceptar
The necessary elements of mutual assent; for example, an agreement of one party to buy and another party to sell.
Offer to Purchase - Carta de Intencion
A contract whereby a buyer conveys his intent to purchase a property.
Open Listing
An agreement between an owner and many brokers. If a broker produces a ready willing, and able buyer, a commission is due. However, the owner still has the right to sell his/her property and is not obligated to pay a commission to anyone.
Open-End Mortgage
A loan containing a clause which allows the mortgagor to borrow additional money without rewriting the mortgage.
Option
A right which is given for consideration to a party (optionee) by a property owner (optionor) to purchase or lease property within a specified time, at a specified price and terms. An option is irrevocable by the optionee and will not be extinguished by death or insanity of either party.
Optionee
The holder of the option. Buyer.
Optionor
The seller of the option.
Ordinance
A statute enacted by the legislative branch of a local government.
Original Principal 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.
Outbuilding
An accessory structure other than the main structure on land.
Owner - Dueno, Propietario
The person in whom is vested the ownership, dominium, or title of property; proprietor.
Owner Financing
A property purchase transaction in which the property seller provides all or part of the financing.
Owner's Title Policy
A policy insuring the owner of real estate against certain defects of title.
Ownership
The right to hold, possess, control and dispose of property.
Ownership in Severalty
Individual ownership.
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