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Real Estate Terms Glossary
Click the letter corresponding to the first letter of the word you wish to look up.
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Real Estate Terms Beggining with the Letter o
Obligee
 
A promisor; a person to whom another is bound by a promise or another obligation.
   
Obsolescence
 
Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs.
   
Offer to Purchase
 
The proposal made to an owner of property by a potential buyer to purchase the property under stated terms.
   
Offeree
 
A person to whom an offer is made.
   
Offeror
 
A person who makes an offer.
   
Offset Statement
 
Statement by owner of a deed of trust or mortgage against the property setting forth the present status of the debt and lien. Also called a beneficiary statement.
   
Open House Law
 
Congress passed a law in April 1968 which prohibits the discrimination in the sale of real estate because of race color or religion of buyers.
   
Open Listing
 
An authorization given by a property-owner to a real estate agent in which the agent is given the nonexclusive right to secure a purchaser. Open listings may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready willing and able to meet the terms of the listing or who secures the acceptance by the seller of a satisfactory offer.
   
Open-End Mortgage or Deed of Trust
 
A mortgage containing a clause that permits the mortgagor or trustor to borrow additional money without rewriting the mortgage or deed of trust.
   
Option
 
A right to have an act performed in the future; a right given for a consideration to purchase or lease a property upon specified terms within a specified time; a contract to keep an offer open for a particular period of time. The right of a person to buy or lease property at a set price at any time during the life of a contract.
   
Option Listing
 
A listing that also includes an option permitting the broker to buy the property at the stated price at any time during the listing period.
   
Or-More Clause
 
A simple prepayment clause that permits the borrower to make a normal payment or any larger amount up to and including the entire outstanding balance without a prepayment penalty.
   
Oral Contract
 
A verbal agreement one not reduced to writing.
   
Ordinance
 
A law passed by a political subdivision of the state (such as a town city or county).
   
Orientation
 
Placement of a house on its lot with regard to its exposure to the rays of the sun prevailing winds privacy from the street and protection from outside noises.
   
Ostensible Agency
 
An agency implied by law because the principal intentionally or inadvertently caused a third person to believe someone to be his agent and that third person acted as if that other person was in fact the principal's agent.
   
Over Improvement
 
An improvement which is not the highest and best use for the site on which it is placed by reason of excess size or cost.
   
Overhang
 
The part of the roof that extends beyond the walls and that shades buildings and covers walks.
   
Ownership
 
The right of a person to use and possess property to the exclusion of others.
   

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