Leasehold Definitions - Jargon Buster

6 definitions for letter O:

Offer

The offer is the Buyer's proposed sum to pay for a property.

Office copy entries

If the property has a registered title, the vendor's solicitor will need to apply for office copy entries from the Land Registry before a draft contract can be prepared

Officers

The Company Secretary and the Directors of the Right to Manage Company

Ombudsman

An independent organization that investigates professionals such as estate agents, or solicitors when complaints by made by their customers.

Open market value

The price a property should achieve when there is a willing buyer and a willing seller.

Outline planning permission

This is planning consent which is subject to certain reserved matters, such as design, appearance and siting of proposed buildings.