One to whom an obligation (promise) is owned.

One who legally binds (obligates) oneself, such as the maker of a promissory note.

Offer to Purchase
A property purchase transaction in which the party selling the property provides all or part of the financing. Offer to Purchase also refers to the standard contract used between a seller and a buyer to formalize the purchase of real estate.

Original Cost
The purchase price of property, paid by the present owner. The present owner may or may not be the first owner.

Owner's Policy
A title insurance policy used to insure title to real property that a purchaser is acquiring.