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Find
the meaning of all the key terms used in Real Estate Vocabulary.
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all listed in alphabetical order. We hope this service helps you
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OBJECTION:
The statement by the Purchaser of a concern regarding title to the
subject property which the Purchaser requires the Vendor to correct
before closing. Also known as "requisition".
OBLIGEE:
The lender in a loan transaction -- the person to whom, as a result
of her actions, another person owes an obligation. See also "mortgagee"
or "chargee".
OBLIGOR:
The borrower in a loan transaction -- the person who owes an
obligation to another.
OBSOLESCENCE:
The loss of value or usefulness resulting from advances in
technology and the passage of time.
OCCUPANCY:
The physical control and possession of a building or property.
OCCUPANCY PERMIT:
Issued by local building departments, permission to enter and occupy
a newly built or renovated dwelling after an inspection has
established that there are not potential threats to the safety of
occupants.
OCCUPANCY RATE:
The percentage of available rental space that is actually rented and
in use in a given building or community.
OFFER:
To make available, to express a willingness (whether in writing or
orally), in the case of real estate, to inform another party of your
willingness to sell or buy a specific property on terms set out in
your offer. An offer, once made, may be accepted at any time before
it is rescinded. Once accepted, the offer and acceptance generally
form a binding contract.
OFFER AND ACCEPTANCE:
Components of a contract, applicable to the real estate situation
where a Purchaser may make an offer on a property and the Vendor may
accept that offer.
OFFER TO PURCHASE:
A written expression of a person's willingness to purchase a certain
property on terms expressed in the offer.
OFFER TO SELL:
In general, a written expression of a person's willingness to sell a
certain property on terms expressed in the offer.
OFFEREE:
The person who receives an offer.
OFFEROR:
The person who makes an offer.
OFFICE OF INTERSTATE
LAND SALES REGISTRATION:
A HUD agency which has the responsibility for enforcing the
Interstate Land Sales Full Disclosure Act.
OFFICE PARK:
Similar to an industrial park but for offices, a property designed
and developed specifically to attract corporate offices and provide
them with all facilities required to carry on business.
OFFICIAL MAP:
The pictorial depiction of the land-use control areas of a
municipality used by the local government.
OFF-SITE COSTS:
Expenditures for facilities required by a particular development but
located elsewhere (such as streets, schools, sewers and waste
disposal facilities).
OFF-SITE
IMPROVEMENTS:
Facilities which are required for the use and development of a
particular property but which are located elsewhere.
OFF-STREET PARKING:
Spaces for cars which are located on private property rather than on
public streets. Local by-laws may require that any new commercial,
residential or retail development provide a certain number of
parking spaces as part of the development.
OIL AND GAS LEASE:
An agreement in which a property owner allows another person to
exploit any oil or gas deposits on the land for a certain period of
time in exchange for periodic payments.
ON OR ABOUT:
Legalese way of noting that the exact date of an event has not been
determined.
ON-SITE IMPROVEMENTS:
Work completed on a property which adds to its value or utility.
OPEN AND NOTORIOUS:
See "notorious".
OPEN END MORTGAGE:
A loan which is specifically drafted to allow the borrower to borrow
further funds at a later date without requiring the preparation and
registration of new mortgage documentation.
OPEN HOUSE:
An advertised period of time in which a property which is for sale
is available for inspection by prospective purchasers.
OPEN LISTING:
An agreement whereby the owner of the property may enlist more than
one broker to attempt to sell the property and the commission is
payable only to the successful agent.
OPEN MORTGAGE:
A mortgage which may be prepaid in full or in part at any time
during that life of the mortgage without notice, bonus or penalty.
OPEN SPACE:
Empty or vacant land, often parkland which is considered an amenity
for surrounding residences.
OPERATING EXPENSES:
Periodic expenses payable on an income-producing property that are
directly attributable to the use of the property for the purpose of
producing income.
OPERATION OF LAW:
The effect of a given statute or rule upon a situation. For example,
a joint tenant becomes the sole owner of a property by operation of
law upon the death of the other joint tenant.
OPTION RISK:
The downside of giving a borrower an option, such as the possibility
that she may prepay an open mortgage and reduce the income generated
to the lender by the accumulation of interest over the life of the
mortgage.
OPTION TO PURCHASE
LEASED PROPERTY:
A clause of a rental agreement allowing the tenant the right to buy
the leased property upon terms and conditions set out in the
agreement.
ORAL CONTRACT:
A legally binding agreement crated by spoken words rather than
reduced to writing. In many jurisdictions, oral contracts with
regard to land are unenforceable in any circumstance.
ORDINANCE:
A rule or by-law enacted by a local government.
ORIGINAL EQUITY:
The owner's original down payment on a property.
ORIGINAL FACE VALUE:
The principal amount owed on a mortgage on the date of its
negotiation as shown on the "face" of the agreement.
ORIGINAL PRINCIPAL
BALANCE:
See "original face value".
ORIGINATION FEE:
See "commitment
fee".
OSTENSIBLE
AUTHORITY:
The suggestion that one person has the right to act on behalf of
another person created by the actions of the "agent" and
the inactivity or lack of protest of the "principal".
OUTBUILDING:
A structure that is not a part of the main building but is necessary
to the full enjoyment of the property (i.e. a shed, garage, etc.).
OUTSTANDING BALANCE:
The amount of money (including principal and interest) owing at a
given date on a loan or mortgage.
OWNER FINANCING:
See "mortgage
back" or "vendor
take-back mortgage".
OWNER OCCUPIED:
Any property where the owner resides in all or part of the property.
OWNER'S TITLE
INSURANCE:
A title insurance policy which covers the owner of the property from
title defects and other flaws which were not apparent at the time of
the purchase.
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