OBLIGEE -
One to whom an obligation (promise) is owed.
OBLIGOR -
One who legally binds (obligates) oneself, such as the maker of a promissory note.
OFFER -
A presentation of proposal for acceptance, in order to form a contract. To be legally binding an offer must be definite as to price and terms.
OFFER AND ACCEPTANCE -
Necessary elements of a contract o sell real estate.
OFF-SITE IMPROVEMENTS -
Not on the property to be sold. An example would be for the developer of a housing tract to sell only the house and lot, but stipulate that he must build the streets, sewers and etc. not on the lot.
ON-SITE IMPROVEMENTS -
Structures erected permanently for use on a site, such as buildings, fences, etc.
OPEN-END MORTGAGE -
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.
OPEN HOUSE -
Refers to a property that is available for public viewing (without an appointment) during a set time period.
OPEN LISTING -
A written authorization to a real estate agent by a property owner, stating that a commission will be paid to the agent upon presentation of an offer which meets a specified price and terms. However, the agent has no exclusive right to sell and must bring in his offer before any other offer is presented or accepted.
ORDINARY REPAIRS -
Repairs necessary to keep a property in good condition, against ordinary wear and tear, decay, etc.
ORIGINAL COST -
The purchase price of property, paid by the present owner. The present owner need not be the first owner.
ORIGINATION FEE -
Lender's fee for processing and underwriting loan documents. Usually a percentage of the loan such as 1%..
OWNER -
One who has the rights of ownership.