| Offer to Purchase |
A written proposal to buy a piece of real estate that becomes binding when accepted by the seller. Also called sales contract. |
| Origination Fee |
A fee charged for the work involved I the evaluation, preparation and submission of a proposed mortgage loan. |
| Owner Financing (aka vendor finance) |
A purchase in which the seller provides all or part of the financing. |
| Offer and Acceptance |
The legal contract outlining terms and conditions of the sale of a property. Document is signed by both purchaser and vendor upon agreement of these terms and conditions and upon all conditions being met, the contract becomes binding. |
