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Mobile Home Finance Dictionary > O
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Objective value: The value used in the income and market data approaches of appraisal that can be easily determined using data directly from the market.
Offer to purchase: A presentation of a set of terms made by a potential buyer to a property owner to purchase his or her property.
Open listing: A nonexclusive authorization given to a licensee and which may be given to a number of licensees by a property owner, who retains the right to sell directly, to try to secure a purchaser without any liability to compensate anyone but the one who is the first to produce a ready, willing and able buyer who meets the terms of the listing or the one who gets the seller to accept an offer. Upon the sale of the property, the owner is under no obligation to notify anyone of the fact of the sale.
Option: A right, given for a consideration, to purchase or lease a property, upon specified terms and within a specified time period, and placing no obligation on the party receiving the option to purchase the property.
Oral contract: A verbal agreement which has not been reduced to writing.
Origination Fee: A fee charged for the work involved in the evaluation, preparation and submission of a proposed mortgage loan.
Overage: The amount in retail stores leases that is to be paid over the base rent that is based on the stores' gross sales. See Percentage lease.
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