Real Estate Terminology
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Non-Conforming Use. Continuing land use that
is not in compliance with zoning ordinances.
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.
Offeree. One who receives an offer or the
seller in a real estate transaction.
Offeror. One who makes an offer to purchase
or a buyer in a real estate transaction.
Opinion of Title. A formal statement by an attorney
regarding the status of a title after examination of the chain of title.
Option. A unilateral contract in which the buyer
has the option to purchase real property at a specified price during a designated period based on sufficient
consideration.
Primary Mortgage Market. A source for the purchase
of a mortgage loan by a borrower.
Prepayment Clause. A provision in a mortgage
that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty.
Prima Facie Evidence. Requiring no
further proof or acceptable on the face value.
Primary Mortgage Market. A source for the purchase
of a mortgage loan by a borrower.
Procuring Cause. The party primarily responsible for
effecting an executed sales contract, irregardless of who actually writes the contract.
Planned Unit Development. A mixed land use with
high population density.
Primary Mortgage Market. A source for the purchase
of a mortgage loan by a borrower.
Plat Map. A tract of land subdivided into
lots showing required or planned amenities.
Real Estate Terminology
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