Real Estate & Investing Dictionary
Search: GO
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default.

The person to whom a debt or obligation is owed.

A loss in value of real property caused by changes either internal or external to the property.

Blockage. A clog. Something that prevents passage or operation.

Residing in or using real estate.

any person occupying a dwelling unit as his or her place of residence, whether or not that person is occupying the dwelling unit as a tenant from month to month or under a written lease, undertaking or other agreement

An expression of willingness to purchase a property at a specified price; presenting for acceptance a price for a property parcel; the bid price in a real estate or security transaction.

A proposal to enter into an agreement with another person. An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer. A legally valid acceptance of the offer will create a binding contract.

Offer and Acceptance
These two requirements of a contract forming mutual consent combined with valuable consideration are the major elements of a contract.

Offer To Purchase
A proposal to buy property at a specified price whereupon the seller has the options of accepting or rejecting the offer or making a counteroffer.

One who receives an offer.

One who extends an offer to another.

Office Condominium
The units are used as commercial offices.

ographical Map
A map drawn for the purposes of indicating the contour of land, such as flat, rolling, mountainous, etc.

ographical Survey
A survey showing the differences in grade of a parcel of land. Grades are measured in relation to sea level.

On-Site Improvements
Directly enhancing the physical nature of the property such as renovating a building, installing a new driveway and parking lot and gardening.

On-Site Management
Managing property directly at its location where it's functions may include showing prospective tenants the facilities, collecting rents, and doing upkeep on the property.

One Action Rule
A rule of law, used heavily in California, that forces a lender to bring only one court action or proceeding against a borrower in a foreclosure. The one action rule makes it difficult for a lender to obtain a deficiency judgment against a borrower.

Online Real Estate Listings
Properties listed for sale on the Internet.

The total amount of principal owed on a mortgage before any payments are made.

Open House
An opportunity for prospective buyers to view a house in a low pressure environment.

Open House
Method of showing a home that is for sale. The house is left open for prospective buyers to see. The house may be advertised in the newspaper and/or outside the house.

Open Housing
Housing where purchase or lease is available to everyone regardless of race, ethnic origin, color or religion and affirmative action is actively pursued.

Open Listing
Property marketed by a number of brokers simultaneously.

Open Listing
A listing under which the principal (owner) reserves the right to list his property with other brokers.

Open Mortgage
A mortgage that has matured or is overdue and, therefore, is "open" to foreclosure at any time.

Open Mortgage
Mortgage that has matured or is overdue and, therefore, open to foreclosure at any time.

Open-End Lease
A lease contract providing for a final additional payment on the return of the property to the lessor, adjusted for any value change.

Open-End Loan
A loan where the borrower may add to the principal without renegotiating the terms of the loan.

An instrument giving the right to a party to lease or purchase the property over a specified time period for a specified consideration. It is binding for the optionor but not the optionee.

Option Fee
An amount of money payed by a prospective Buyer, to a Seller, in order to obtain an option period, as specified in Paragraph 7 of a TREC promulagated earnest money contract. If a Buyer decides to close on the property, the option fee may be credited to his funds at closing.

Option to Purchase
Contract that gives one the right, without any obligation, to purchase a property, within a certain period of time and at a certain price, subject to conditions.

The person who has the legal right to purchase or not to purchase a specific property in the future.

The seller of a property who extends an option to someone else. If the optionee exercises the option, this person is legally bound by the contractual obligations. If the option is not exercised then the optionor is released from any responsibilities.

Original Principal Balance
The total amount of principal owed on a mortgage before any payments are made.

Creation of a loan.

Origination Fee
On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.

Out of Court Foreclosure
See Non-Judicial Foreclosure.

Outlet Sewer
Pipe section, in a septic system, which runs between a septic tank and the drainage field.

Outstanding Balance
The amount still unpaid and owed on a debt, loan or other financing agreement.

Earth that must be removed to reach a deposit of rock or other material to be quarried.

Overdraft Protection
An extra service that most financial institutions offer their checking account clients. The client has a credit limit much like that of a credit card. If the client writes a check for an amount greater than what is in the checking account, the bank automatically writes the client a loan. Interest is charged on this, and usually an annual fee.

", the record owner or owners, and the beneficial owner or owners when other than the record owner, of the freehold of the premises or lesser estate therein, a mortgagee or vendee in possession, assignee of rents, receiver, personal representative, trustee, lessee, agent, or any other person in control of a dwelling unit

Owner Financing
A property purchase transaction in which the property seller provides all or part of the financing.

Owner Occupied
The borrower who owns the home lives in it.

Owner of Record
All owners that are listed on a deed that is recorded in the county courthouse.

Owner's Name
The person(s) name holding title to a particular piece of property.
To report errors or omissions, please email me with the details.