REAL ESTATE DICTIONARY - O
Obsolescence
Impairment of desirability and usefulness brought about
by changes in the art, design or process or from external
influencing circumstances that make a property less
desirable and valuable for a continuity or use.
Offer
A promise by one party to do a specified deed as the
other party in turn performs a specific deed.
Office of Comptroller Currency
A federal government regulatory agency that oversees
some commercial banks.
Office of Thrift Supervision
A federal government regulatory agency that oversees
savings and loans.
Open End Mortgage
A mortgage permitting the mortgagor to borrow additional
money under the same mortgage, with certain conditions.
Open Listing
An authorization given by a property owner to a real
estate Broker wherein said Broker is given the nonexclusive
right to secure a purchaser; open listings may be given
to any number of Brokers 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
secures the acceptance by the seller of a satisfactory
offer.
Origination Fee
A fee or charge for work involved in the evaluation,
preparation and submission of a proposed mortgage loan.
Owner of Record
The individual (s) named on a deed that has been recorded
at the local municipality.
Owners Policy
Title insurance for the owner of property, rather than
a lien holder.
Ownership
The right to possess and use property to the exclusion
of others.
|
