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.