The Real Estate
Encyclopedia: K-O

A mini-perm loan is a medium-term financing instrument used to bridge the gap between short-term construction or acquisition financing and long-term permanent financing. Typically lasting between three and ten years, a mini-perm loan allows a property owner or...

In real estate law, ownership refers to the rights of one or more persons to possess, use, and control property to the exclusion of others. It represents a legal relationship between a person and property that is recognized and protected by law. Ownership is often...

In real estate and agency law, ostensible authority refers to the authority that a third party reasonably believes an agent possesses based on the actions or omissions of the principal. It arises when the principal’s conduct creates the appearance that the agent is...

In real estate and site planning, orientation refers to the placement of a structure on a lot in relation to environmental and surrounding factors. This includes consideration of exposure to the sun’s rays, prevailing winds, street frontage, and nearby sources of...

In real estate and contract law, an oral contract is a verbal agreement between parties that has not been reduced to writing. It is formed through spoken words rather than a written document. While oral contracts may be legally valid in some circumstances, many real...

In real estate, an option is a contractual right granted for consideration that allows a person to purchase or lease a property on specified terms within a defined period of time. The party receiving the option has the exclusive right to decide whether to exercise it....

In real estate and land use regulation, the open space ratio is a measurement that compares the amount of land area devoted to open space to the total floor area of an apartment building. It is commonly expressed as a ratio and used to evaluate development density....

In real estate finance, an open mortgage is a mortgage loan that allows the borrower to prepay the debt in whole or in part without incurring a prepayment penalty. This feature gives the borrower flexibility to refinance or pay off the loan early. Open mortgages are...

In real estate brokerage, an open listing is a written authorization given by a property owner to a real estate broker agreeing to pay a commission if the broker procures an offer that meets the specified price and terms. The agreement does not grant the broker an...

In real estate marketing, an open house is a property that is made available for inspection by prospective buyers or tenants without the need for an appointment. It is typically held during specified hours on designated days. Open houses are commonly used as a...