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Offer
An expression of willingness to purchase a property at a specified price.
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Offeree
One who receives the offer. When the buyer makes an offer to the seller the seller is an offeree.
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Offeror
One who makes the offer. When the buyer makes an offer to the seller the buyer is an offeror.
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Office of Comptroller Currency
The oldest federal financial regulatory body that oversees the nation's federally chartered banks.
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Office of Thrift Supervision
The OTS charters federal thrift institutions and is the primary regulator of all federal and many state-chartered thrift institutions.
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Open House
A method of showing a home for sale to prospective buyers where the home is left open for inspection by those who may be interested in making a purchase.
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Open End Mortgage
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions.
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Origination Fee
See Loan Origination Fee.
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Optionee
One who receives or purchases an option.
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Optionor
One who gives or sells an option.
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Oral Contract
A verbal agreement. Verbal agreements for the sale or use of real estate are normally unenforceable.
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Owner of Record
The individual named on a deed that has been recorded at the county recorders office.
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Owner Occupant
A tenant of a residence who also owns the property.
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