Real Estate Glossary

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O

optionor

the individual who gives an option in an option contract. The optionor is the only one who must perform in this unilateral contract

Example: A builder wants to assemble several pieces of land and receives options from all the homeowners involved before he actually purchases the properties. The property owners are the optionors and must sell if the builder decides to exercise his option.

Ostensible agency

a relationship that is formed by actions rather than expressed agreement. Also called implied agency.

Example:

A situation where broker Allison shares office space with broker Barry. Both of there businesses are independent of one another. If Allison should assist a client of Barry's while Barry is out of the office, the client may believe that Allison is the agent of Barry.

owner financing

this means that the owner is carrying out the mortgage

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