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REAL ESTATE GLOSSARY
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OBSOLESCENCE
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
OCCUPANCY
A physical presence within and control of a property.
OCCUPANCY RATE
The percentage of properties in a given area that are occupied.
OFFER
An expression of willingness to purchase a property at a specified price.
OFFEREE
One who receives the offer. When the buyer makes an offer to the seller the seller is an offeree.
OFFEROR
One who makes the offer. When the buyer makes an offer to the seller the buyer is an offeror.
OFFICE OF COMPTROLLER CURRENCY
The oldest federal financial regulatory body that oversees the nation's federally chartered banks.
OFFICE OF THRIFT SUPERVISION
The OTS charters federal thrift institutions and is the primary regulator of all federal and many state-chartered thrift institutions.
OFF-SITE IMPROVEMENTS
Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.
OFF-STREET PARKING
Designated parking spaces associated with a particular building or other structure which are not located on public streets.
OLD TERMITE ACTIVITY
Where no termites are currently active, but indications of past activity can be seen.
ON-SITE IMPROVEMENTS
Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.
OPEN END MORTGAGE
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions.
OPEN HOUSE
A method of showing a home for sale to prospective buyers where the home is left open for inspection by those who may be interested in making a purchase.
OPEN SPACE
Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.
OPEN SPLICE
An uncovered electrical connection.
OPTIONEE
One who receives or purchases an option.
OPTIONOR
One who gives or sells an option.
ORAL CONTRACT
A verbal agreement. Verbal agreements for the sale or use of real estate are normally unenforceable.
ORIGINAL EQUITY
The amount of cash a home buyer initially invests in the home.
ORIGINAL PRINCIPAL BALANCE
The total amount of principal owed on a mortgage loan at the time of closing.
ORIGINATION FEE
Refers to the total number of points paid by a borrower at closing.
OWNER FINANCING
A transaction where the property owner provides all or part of the financing.
OWNER OF RECORD
The individual named on a deed that has been recorded at the county recorders office.
OWNER OCCUPANT
A tenant of a residence who also owns the property.
OWNER OCCUPIED
The state of property wherein the owner occupies at least some portion of the property.
OWNER'S TITLE POLICY
A policy protecting the buyer for the amount of the purchase price in the event of a future title dispute.
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Home mortgages subject to credit review and approval