New York Real Estate Glossary O
(Obligatory - On-Site Improvements)
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| U | V1 | V2
| W1 | W2 | X
| Y | Z
The legal requirement of a debtor, obligor, to pay a debt and the legal
right of a creditor, obligee, to demand satisfaction of a debt or enforce
payment in the event of default.
The person to whom a debt or obligation is owed.
Blockage. A clog. Something that prevents passage or operation.
Residing in or using real estate.
An expression of willingness to purchase a property at a specified price;
presenting for acceptance a price for a property parcel; the bid price
in a real estate or security transaction.
Offer and Acceptance
These two requirements of a contract forming mutual consent combined
with valuable consideration are the major elements of a contract.
Offer To Purchase
A proposal to buy property at a specified price whereupon the seller
has the options of accepting or rejecting the offer or making a counteroffer.
One who receives an offer.
One who extends an offer to another.
The units are used as commercial offices.
Directly enhancing the physical nature of the property such as renovating
a building, installing a new driveway and parking lot and gardening.