Real Estate Markets are very different and many things are handled differently from one state to another. We have assembled a glossary of the most common terms used in the Florida Real Estate Market to assist our American clients and the many international clients from Canada, United Kingdom and other countries across the world.

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Obsolescence

A cause of loss in value. (See also Depreciation.)

 

Offer

An intentional proposal or promise made by one party to act or perform, provided the other party acts or performs in the manner requested.

 

Offeree

One who receives an offer, usually the seller

 

Offeror

One who makes an offer, usually the buyer

 

Open-end clause

A provision in a mortgage allowing the borrower to increase the loan amount as long as the total debt does not exceed the original mortgage loan amount, with the lender often reserving the right to adjust the interest rate to current market rates, a mortgage for future advances

 

Opinion of title

A formal statement by an attorney regarding the status of a title after examination of the chain of title

 

Opinion of value

An estimate of a property's worth given by a licensee for the purpose of a prospective sale

 

Option contract

A right or privilege to purchase or lease real property at a specified price during a designated period based on a sufficient consideration.

 

Optionee

The party who takes an option and pays a consideration

 

Optionor

The party who gives an option and receives a consideration

 

Origination fee, loan

A charge by a lender for taking a mortgage in exchange for a loan.