| Real Estate Dictionary - Real Estate Terminology - Real Estate Definitions - Glossary of Commonly Used Real Estate Terms | |||||||||||||||||||||||||||||||
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O Obsolescence A type of depreciation of property. Offer A promise by one party to act or perform in a specified manner
provided the other party will act or perform in the manner
requested. Offer And Acceptance The two components of a valid contract; a "meeting of the
minds." Office Exclusive A listing in which the seller refuses to submit the listing to
Multiple Listing Service, even after being informed of the
advantages of MLS, and signs a certification to that
effect. Offsite Costs Costs such as for sewers, streets, utilities, etc., which are
incurred in the development of raw land, but are not connected with
the actual construction of the buildings(onsite costs). Open-End Mortgage A mortgage in which the borrower is given a limit up to which he
may borrow, with any incremental advances of money up to but not
exceeding the original borrowing limit to be secured by the same
mortgage. Open House The common real estate practice of showing a listed home to the
public during established hours, frequently on Sunday
afternoons. Open Listing A listing given to any number of brokers. The first broker who
secures a buyer ready, willing and able to purchase at the terms of
the listing is the one who earns the commission. Open Space Certain portion of the landscape which has not been built upon
and which is sought either to be reserved in its natural state or
used for agricultural or recreational purposes such as parks,
squares, and the like). Operating Expenses Those periodic and necessary expenses which are essential to the
continuous operation and maintenance of a property. Opinion Of Title An opinion by a person competent in examining titles, usually a
title attorney, as to the status of the title of a
property. Option An agreement to keep open, over a set period, an offer to sell or
purchase property. Origination Fee The finance fee charged by a lender for placing a mortgage, which
covers initial costs such as preparation of documents and credit,
inspection and appraisal fees. Overimprovement An improvement which by reason of excess size or cost is not the
highest and best use for the site on which it is
placed. Override A commission paid to managerial personnel (e.g. principal broker)
on sales made by their subordinates, usually calculated as a
percentage of the gross sales commissions earned by the
salesperson. | |||||||||||||||||||||||||||||||