Bear Island Land Co., Inc.

~Your Recreational Real Estate Professionals~

Dictionary of Terms

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Obsolescence
Impairment of desirability and usefulness of the property resulting from economic, functional, physical, fashion, or other changes.
Offer
A promise to act in a certain manner provided the other party will act in the manner requested.
Offeree
One to whom an offer is made.
Offeror
One who makes an offer.
Option
A temporary right for a designated period of time that one person has to purchase or lease property at a certain price, for which a consideration is paid.
Optionee
One to whom an option has been granted.
Optionor
One who has granted an option to another.
Origination Fee
The fee charged by the lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of the amount of the loan.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.