Occupancy
Physical possession and use of real estate.

Offer
A promise conditioned upon some requested or asked for act or promise. An offer demonstrates intent by one party to form a contract with another party. In order to be effective, an offer must contain three essential elements: 1. An offer must be an expression of present contractual intent. This means that an advertisement or any other preliminary negotiation could not, as a general rule, be an offer. 2. An offer must be definite and certain in terms. Ordinarily an offer must include, either expressly or by implication, the following: A- Identification of the parties to the contract B. Description of the subject matter C. Time for performance D. Price It should be noted that the law will allow a reasonable time for performance unless the phrase time is of the essence is included which requires strict performance of all time obligations. The reader must also be aware of illusory offers. Illusory offers are those which do not really bind the offeror to any real commitment. 3. An offer must be communicated to the offeree. An offer ordinarily can only be effective when the offeror volitionally (voluntarily) communicates the offer.

Origination Fee
The dollar amount charged by a lender to cover the time and expenses incurred in arranging a loan. The fee covers such expenses as credit check, employment verification, and appraisal of the property. Normally the origination fee is stated as a percentage of the loan amount, for example, one percent.

Outstanding Balance
The remaining balance owed on a debt such as a mortgage loan.