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Currently displaying definitions for words starting with - O
- Open Contract
- A memorandum in writing of the sale of land. If it complies with the provisions of existing legislation it may constitute a binding contract. Correspondence setting out sufficient details of an offer and acceptance may amount to an open contract. Parties not wishing to be finally committed to a transaction pending clarification of some aspects thereof should exercise care in writing letters and signing documents without first having had the benefit of legal advice.
- A Right given for a consideration to purchase property on or before a fixed date, on terms previously agreed upon. An option entitles, but does not oblige, the person having the option to make the purchase. In their words, the owner is bound to sell at a particular price if the prospective purchaser wishes him to be bound, providing the purchaser makes up his mind within the term of the option. Options also appear in many leases, referring to a further term of tenancy. Many leases contain a clause giving the option of renewal for a further period, at a rent to be mutually agreed. In the event of disagreement, a valuer appointed by the President of the Institute, whose opinion shall become binding on both parties, would determine the rent. Although thousands of leases have this clause, it is only seldom that the President is required to appoint the valuer.
- Overhead Easement
- The right to use the space at a designated distance above the surface of the land; as for power lines, navigation and air rights.
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