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Real Estate Terms - O

Offer

A presentation to form a contract or agreement.

 

Fri Dec 21 2007

One-year ARM

An adjustable-rate mortgage in which the interest rate is allowed to change every year.

 

Fri Dec 21 2007

Open listing

An authorization given by an owner to a real estate agent to sell the owner's property. Open listings may be given to more than one agent without liability, and only the one who secures a buyer on satisfactory terms gets paid a commission.

 

Fri Dec 21 2007

Operating expenses

Expenses relevant to income producing property, such as taxes, management, utilities, insurance, and other day-to-day costs.

 

Fri Dec 21 2007

Option

A right given, for consideration, to purchase or lease property upon stipulated terms within a specific period of time.

 

Fri Dec 21 2007