Real Estate Terms
Obsolescence: an appraisal term used to describe the loss in real estate value because it no longer conforms to present day use or is no longer desirable.
Occupancy: To occupy and or be in control of a property.
Occupancy Rate: The percentage of occupied units in a particular area.
Open End Mortgage: A clause in a mortgage loan that allows the borrower to increase the amount borrowed within the term of the loan.
Open House: A property that is held "open" for prospective purchasers to view and consider purchasing.
Open Listing: In contrast to an "Exclusive Listing", an agreement that is made between a property owner and one or more real estate agents to pay a commission only if the agent brings a buyer that purchases the property.
Operating Expenses: The every day costs to operate income real estate.
Opinion of Title: A list of recorded documents associated with a particular real estate property.
Option: A legal privilege to purchase or lease real estate property at a later time at a specified price and terms.
Optionee: One who receives the "Option" for compensation.
Optionor: One who grants the "Option" for compensation.
Ordinance: A term used to give evidence of recorded municipal or county regulations
Original Cost: The purchase price paid by the present owner when purchased.
Origination Fee: A fee charged for work involved in evaluating, preparing, and submitting a proposed mortgage. loan. The fee is limited to 1 percent for FHA and VA loans.
Over-building: The construction of too many similar properties in a given area.
Owner: One who maintains and controls ownership rights to a property
Owner Financing: Financing provided by the owner of the property being sold
Owner Occupied: A property where the owner resides in the property.
Ownership: The right to occupy and control the use of property
Real Estate Terms beginning with N
Real Estate Terms beginning with P