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Mortgage Dictionary "O"
Offer to Purchase
A written contract outlining the terms under which the buyer agrees to purchase the property. There may be conditions attached to the offer, for example, the offer may be conditional on the buyer arranging mortgage financing or selling a current home.
Offeree
The individual or group who receives an offer to enter into a contract.
Offeror
The individual or group who presents something to another for acceptance or rejection.
Open Mortgage
An open mortgage allows a borrower to repay any amount of the principal at any time without notice or penalty. Mortgages may be partially open, having clauses that allow partial pre-payment at specified times, or in specified ways. For example,
- Double Up Option
Theopportunity to double the scheduled principal and interest
payments.
- Lump Sum payment Option
The choice to prepay a portion of the principal.
- No Cost Switching of Payment Option
This option allows the borrower to change the payment schedule (monthly/semi-monthly/bi- weekly/weekly).
- Skip Payment Option
This alternative grants the borrower the ability to skip a monthly payment without the
mortgage going into default.
Operating Expenses (Income Statement)
The total costs of the day-to-day operations of a business.
Operational Costs (Mortgage Fraud)
Costs associated with collections, legal commitments and foreclosure, property repair, management, and resale of homes. See reputational costs and public costs.
Option Agreement
This is an agreement in which the seller has the right, but not the obligation, to undertake an action. This act allows the offer to be kept open for a period of time under a separate contract.
Owner Occupied
The owner of the land also resides in that property. The opposite of an investment property.
Owner's Equity
The amount left over for the firm's owner(s) if the company's assets were used to pay off all its liabilities.
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