Owner financing

(1) Owner financing (also known as seller financing) takes place when a borrower finances the purchase of a home through the seller, bypassing conventional mortgage lenders and financial institutions. (2) It may sound strange — even a bit backward — for a home seller to offer to finance a buyer’s purchase of their property, but this type […]

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Office tour/caravan

A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.

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Off market

A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.

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Open Space

Land which has not had improvements such as buildings and other structures added to it. Such land is often left in a subdivision by a developer or stipulated by a local authority for recreational use or for personal use by the owner.

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Occupancy Certificate(OC)

Certificate issued by the local development authority certifying that all necessary works have been completed as per the sanctioned plans for the said property and it is fit for occupation. OC is issued after obtaining clearance from the water, electricity, sewerage, fire fighting authorities etc.

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Ownership

The exclusive right to hold, possess or control, and dispose of a tangible or intangible thing. Ownerships may be held by a person, corporation, or governmental entity.

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