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Real Estate Dictionary



Offer - A presentation of proposal for acceptance, in order to form a contract. To be legally binding an offer must be definite as to price and terms.

Offer and Acceptance - Necessary elements of a contract to sell real estate.

Open House - A property presentation technique. Refers to a property that is available for public viewing (without an appointment) during a set time period.

Open Listing - A written authorization to a real estate agent by a property owner, stating that a commission will be paid to the agent upon presentation of an offer which meets a specified price and terms. However, the agent has no exclusive right to sell and must bring in his offer before any other offer is presented or accepted.

Option - the right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited.

Original Cost - The purchase price of property, paid by the present owner. The present owner need not be the first owner.

Out of the Money - Describes an option where exercise would not be profitable.

Owner - One who has the rights of ownership.

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