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Oblatory Advance [back to top]
An advance made according to terms of a pre-existing construction loan agreement or mortgage.
Offer To Purchase [back to top]
A written proposal that is either "firm", i.e. it has no conditions, or "conditional", i.e. certain conditions that have to ve fulfilled, to purchase real estate that becomes binding upon acceptance of the vendor.
Open End Mortgage [back to top]
A mortgage under which the lender has the option of advancing more funds where the value of the property is anticipated to increase.
Open Mortgage [back to top]
This enables one to pay back the borrowed funds without notice or penalty. There are two types of open mortgages:
1. Fixed rate mortgages: mortgages where the term is usually short, e.g. 6 months to a year, and the interest rate will be higher than on a closed mortgage.
2. Variable Rate Mortgages: mortgages that are open.
Open Or Closed [back to top]
The restriction or denial of repayment rights until the maturity of the mortgage is a closed mortgage. For example, if the mortgage is specified as open, then the mortgagor can pay extra payments of principal sums at any time or at specified times with or without repayment penalty.
Operating Expenses [back to top]
All expenses, occurring periodically, that are necessary to produce net income before depreciation; under some conditions these expenses may be placed in two categories: operating expenses and fixed charges.
Option [back to top]
A right give by the owner of property to another, for a consideration, to buy a certain property within a limited time at an agreed price.
Order Absolute [back to top]
Judgement taken against a mortgagor that extinguishes the equity of redemption.
Owner [back to top]
The lawful possessor of the title to real property.