You are here:   HomeMortgage Calculators & ResourcesMortgage DictionaryO

Offer to Purchase is 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 is the individual or group who receives an offer to enter into a contract.

Offeror is the individual or group who presents something to another for acceptance or rejection.

Open Mortgage is a mortgage which 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 - The opportunity to double the scheduled principal and intereste 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 monthly payment without the mortgage going into default.

Operating Expenses (Income Statement) is the total cost of the day-to-day operations of a business.

Operational Costs are costs associated with collections, legal commitments and foreclosure, property repair, management, and resale of homes. 

Option Agreement 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 means that the owner of the land also resides in that property. The opposite of an investment property.

Owner's Equity is the amount left over for the firm's owner(s) if the company's assets were used to pay off all its liabilities.

 

If you need more mortgage information or want free no obligation mortgage advice please feel free to contact me today!

 

NEWSLETTER SIGNUP
Sing up to get the latest news and updates from ClearView Mortgage Corp.

Privacy Policy
Tell a Friend
STAY CONNECTED RSS FEED
USEFUL LINKS Get Free ReportBlog - Mortgage Tips
created by robkos
Walter Pawlowski Ontario Mortgage Agent M11002486