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O

OFFER

A promise by one party to act in a certain manner provided the other party will act in the manner requested. In a real estate sales contract, the offer to purchase realty according to certain stipulated terms and conditions.

OLOGRAPHIC - Civil Law Term

A will which is entirely in writing of the testator.

OPEN END MORTGAGE

A mortgage containing a clause which permits the mortgagor to borrow additional money up to the original amount of the loan after the loan has been reduced, without rewriting the mortgage.

OPEN LISTING

A listing given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing.

OPTION

A right given for consideration to purchase or lease a property upon specified terms within a specified time.

OPTIONEE

The one obtaining the option right.

OPTIONOR

The one granting the option to another.

ORDINANCE

A legislative enactment of a city or county, such as zoning.

ORDINARY PROCESS - Civil Law Term

The normal (as opposed to the executory) process of court action, with delays, appeals, and requests for more evidence.

OWNERSHIP

The condition of having the right to possess, use and dispose of property.


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