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Athens GA Homes
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obsolescence
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A loss in value of real property caused by
changes either internal or external to the property. See economic
obsolescence,
functional obsolescence,
and physical deterioration.
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offer
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A proposal to enter into an agreement with
another person. An offer must express the intent of the person making the
offer to form a contract, must contain some essential terms--including
the price and subject matter of the contract--and must be communicated
by the person making the offer. A legally valid acceptance of the offer
will create a binding contract.
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open house
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An opportunity for prospective buyers to view
a house in a low pressure environment.
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open listing
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A listing under which the principal (owner)
reserves the right to list his property with other brokers.
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option
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The right to purchase property within a definite
time at a specified price. There is no obligation to purchase, but the
seller is obligated to sell if the option holder exercise the right to
purchase. For the option to be valid, it must include consideration.
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option fee
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An amount of money payed by a prospective
Buyer, to a Seller, in order to obtain an option period, as specified in
Paragraph 7 of a TREC promulagated earnest money contract. If a Buyer
decides to close on the property, the option fee may be credited to his
funds at closing.
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option period
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Current residential earnest money contracts,
promulagated by the Texas Real Estate Commission offer the choice of an
option period, under Paragraph 7. During this period, the length
of which is negotiable, the Buyer has a right to inspect the property and
has an absolute right to terminate the offer/contract for any reason, without
penalty. In exchange for this option period, the Buyer pays an option
fee to the Seller. If the Buyer decides to continue with the sale
of the property, this option fee may be credited to him at closing.
Typical option periods run from 7 to 14 days long.
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ordinance
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A law adopted by a town or city council, county
board of supervisors or other municipal governing board. Typically, local
governments issue ordinances establishing zoning and parking rules and
regulating noise, garbage removal, and the operation of parks and other
areas that affect people who live or do business within the locality's
borders.
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origination fee
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A fee charged by lenders, in addition to interest,
for services in connection with granting of a loan. Usually a percentage
of the loan amount.
Athens GA Homes
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