Home
Information Center
subBuyer Info
subSeller Info
subReal Estate Tips

 Helpful Resources
subGlossary
subCalculators
subMortgage Info
Community Info
About Us
subPrivacy Policy
subSite Map
Contact Us
Links
Advertise Here




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


Objective Value:

In real estate this is a property value based on the  analysis of cost associated with the reproduction of that property like an exact replica or replacement (one of equal utility).

Most commonly the process of producing replacement, and the costs involved in that process is used, given the ease of obtaining more accurate information.

Offer of Purchase and Sale:
A written contract through which the prospective buyer sets out the price and conditions under which he or she will buy the property. Upon acceptance by the seller, it forms a contract, which will form the basis for the final document to be prepared by a lawyer or notary.

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 first chance of buying a property within a specified period of time. If the option-holder does not buy within a specified period of time, he loses his deposit.


Google