REAL ESTATE AND MORTGAGE TERMS:  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.

GLOSSARY:

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