There are 24 names in this directory beginning with the letter O.
Disbursements of con_struction loan funds that the lender is obligated to make (by prior agreement with the borrower) when the borrower has completed certain phases of construction.
Loss in value due to inadequate or outmoded equipment, or as a result of a poor or outmoded design.
Improvements that add to the usefulness of a site but are not lo_cated directly on it, such as curbs, street lights, and sidewalks.
The action of one person (the offerer) in proposing a contract to another (the offeree); if the offeree accepts the offer, a binding contract is formed.
In a corporation, an executive autho_rized by the board of directors to manage the business of the corporation.
A right given for a consideration to purchase or lease a property upon specific terms within a specific time; if the right is not exercised, the option holder is not subject to liability for damages; if exercised, the grantor of the option must perform.
Option to Purchase
An option giving the op_tionee the right to buy property owned by the optionor at an agreed price during a specified period.
The placement of a house on its lot, with regard to its exposure to the sun and wind, privacy from the street, and protection from outside noise.
A fee a lender charges a bor_rower upon making a new loan, intended to cover the administrative costs of making the loan.
An individual who works with a borrower to start a loan. Usually an employee of a financial institution, an employee of a broker or an independent contractor affiliated with several brokers, the originator determines the type of loan a borrower probably qualifies for, helps complete an accurate application, gathers documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.
Override (Broker Protection) Clause
A clause in a listing agreement providing that for a specified period after the listing expires, the broker will still be entitled to a commission if the property is sold to someone the broker dealt with during the listing term. Also called a carryover clause, extender clause, or safety clause.
Protects the purchaser and the purchaser's heirs for as long as they have an interest in the property.