HOME ABOUT CONTACT FEES F. A. Q. GLOSSARY ACRONYMS LAWS LINKS Like any industry, real estate has its own jargon. Some of the terms are peculiar to the Philippines. And a lot of the words may be already familiar to you, but will have a slightly different meaning or emphasis when used by real estate professionals.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z OBSOLESCENCE Loss in value due to reduced desirability and usefulness of a structure because its design and construction have become obsolete, because of changes in public preference rendering it not in keeping with modern needs or because of forces in addition to those which cause deterioration, with the consequent loss of income. OFFER A writing signed by the buyer offering to buy certain real estate at a specific price. OFFER STATEMENT A statement by the owner of property or the owner of a lien against property setting forth the present status of liens against said property. OPEN MORTGAGE A mortgage which can be paid off any time even before its maturity. OPEN-END MORTGAGE A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced, without rewriting the mortgage. OPEN LISTING The opposite of exclusive right to sell; an authorization given by a property owner to any number of agents without liability to compensate any except the one who first secures a buyer who is ready, willing, and able to meetthe terms of the listing or secures the acceptance by the seller of a satsifactory offer, and the owner himself reserves the right to sell his own property.