Offer to Purchase
A document that lists out the price, terms & conditions under which the buyer is willing to purchase the property.
Onerous Gift
Gift made subject to certain charges imposed by the donor on the donee.
Open Market Value
The best price which might reasonably be expected to be achieved for an interest in a property at the date of valuation, subject to any statutory assumptions which may be required.
Option
An agreement granting the right (but not obligation),
to buy or sell property, or to use it in some manner, for a
specific price within a stated timeframe.
Outgoings
Costs incurred by the owner of an interest in property, usually
calculated on a yearly basis. This may include management, repairs,
rates, insurance and rent payable to the holder of a superior
interest, in accordance with his contractual or other liabilities.
It is a wise decision to make annual provision for future items
involving expenditure at gaps of more than one year.
Ownership
Ownership is the state or fact of exclusive possession or control of property, which may be an object, land or Real Estate, intellectual property or some other kind of property. It helps assert that one owns a property.
Operating Expenses
The actual costs associated with operating a property including maintenance, repairs, management, utilities, taxes and insurance. A landlord's definition of operating expenses is likely to be quite broad, covering most aspects of operating the building.
Open Space
An unimproved area of land or water, dedicated for public or private use or enjoyment containing only such improvements as are appropriate to the use and enjoyment of the open area by owners and occupants of land adjoining or neighboring such open spaces.