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Real Estate Dictionary O
"objection" - "ownership"
We try to provide as much information as possible to buyers of Ocala Real Estate. These terms and definitions apply pretty much nation wide, and we try to update with terms specifically relating to Florida Real Estate as soon as we come across something we've missed. We welcome your comments and suggestions!
OBJECTION:
The statement by the Purchaser of a concern regarding title to the
subject property which the Purchaser requires the Vendor to correct before
closing. Also known as "requisition".
OBLIGEE:
The lender in a loan transaction -- the person to whom, as a result of
her actions, another person owes an obligation. See Mortgagee and Chargee.
OBLIGOR:
The borrower in a loan transaction -- the person who owes an obligation
to another.
OBSOLESCENCE:
Loss in value due to reduced desirability and usefulness of a structure
because its design and construction become obsolete; loss because of becoming
old-fashioned and not in keeping with modern needs, with consequent loss of
income.
OCALA REAL ESTATE: OCCUPANCY: OCCUPANCY PERMIT: OCCUPANCY RATE: OFFER: OFFER AND
ACCEPTANCE: OFFER TO PURCHASE: OFFER TO SELL: OFFEREE: OFFEROR: OFFICE OF INTERSTATE
LAND SALES REGISTRATION: OFFICE PARK: OFFICIAL MAP: OFF-SITE COSTS: OFF-SITE
IMPROVEMENTS: OFF-STREET PARKING: OIL AND GAS LEASE: ON OR ABOUT: ON-SITE
IMPROVEMENTS: OPEN AND NOTORIOUS: OPEN END MORTGAGE: OPEN HOUSE: OPEN LISTING: OPEN MORTGAGE: OPEN SPACE: OPERATING EXPENSES: OPERATION OF LAW:
Return to top OPTION RISK: OPTION TO PURCHASE
LEASED PROPERTY: ORDINANCE: ORIGINAL EQUITY: ORIGINAL FACE VALUE: ORIGINAL PRINCIPAL
BALANCE: ORIGINATION FEE: OUTBUILDING: OUTLAWED CLAIM: OWNER FINANCING: OWNER OCCUPIED: OWNER'S TITLE
INSURANCE:
Real estate available in Ocala Marion County Central Florida area, including residential, commercial and horse farms.
The physical control and possession of a building or property.
Issued by local building departments, permission to enter and occupy a
newly built or renovated dwelling after an inspection has established that there
are not potential threats to the safety of occupants.
The percentage of available rental space that is actually rented and in
use in a given building or community.
To make available, to express a willingness (whether in writing or
orally), in the case of real estate, to inform another party of your willingness
to sell or buy a specific property on terms set out in your offer. An offer,
once made, may be accepted at any time before it is rescinded. Once accepted,
the offer and acceptance generally form a binding contract.
Components of a contract, applicable to the real estate situation where a
Purchaser may make an offer on a property and the Vendor may accept that offer.
A written expression of a person's willingness to purchase a certain
property on terms expressed in the offer.
In general, a written expression of a person's willingness to sell a
certain property on terms expressed in the offer.
The person who receives an offer.
The person who makes an offer.
A HUD agency which has the responsibility for enforcing the Interstate
Land Sales Full Disclosure Act.
Similar to an industrial park but for offices, a property designed and
developed specifically to attract corporate offices and provide them with all
facilities required to carry on business.
The pictorial depiction of the land-use control areas of a municipality
used by the local government.
OFFSET STATEMENT:
Statement by owner of property or owner of lien against property setting
forth the present status of liens against said property.
Expenditures for facilities required by a particular development but
located elsewhere (such as streets, schools, sewers and waste disposal
facilities).
Facilities which are required for the use and development of a particular
property but which are located elsewhere.
Spaces for cars which are located on private property rather than on
public streets. Local by-laws may require that any new commercial, residential
or retail development provide a certain number of parking spaces as part of the
development.
An agreement in which a property owner allows another person to exploit
any oil or gas deposits on the land for a certain period of time in exchange for
periodic payments.
Legalese way of noting that the exact date of an event has not been
determined.
Work completed on a property which adds to its value or utility.
See Notorious.
A mortgage containing a clause which permits the mortgagor to borrow
additional money after the loan has been reduced without rewriting the mortgage.
An advertised period of time in which a property which is for sale is
available for inspection by prospective purchasers.
An authorization given by a property owner to a real estate agent wherein
said agent is given the nonexclusive right to secure a purchaser; open listings
may be given to any number of agents 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.
A mortgage which may be prepaid in full or in part at any time during
that life of the mortgage without notice, bonus or penalty.
Empty or vacant land, often parkland which is considered an amenity for
surrounding residences.
Periodic expenses payable on an income-producing property that are
directly attributable to the use of the property for the purpose of producing
income.
The effect of a given statute or rule upon a situation. For example, a
joint tenant becomes the sole owner of a property by operation of law upon the
death of the other joint tenant.
OPTION:
A right given for a consideration to purchase or lease a property upon
specified terms within a specified time.
The downside of giving a borrower an option, such as the possibility that
she may prepay an open mortgage and reduce the income generated to the lender by
the accumulation of interest over the life of the mortgage.
A clause of a rental agreement allowing the tenant the right to buy the
leased property upon terms and conditions set out in the agreement.
OPTIONEE:
Receiver of an option. Usually a potential buyer.
OPTIONOR:
Giver of an option. Usually a potential seller.
OR MORE CLAUSE:
A clause in a loan document allowing the borrower to pay additional sums
at any time.
ORAL CONTRACT:
A verbal agreement; one which is not reduced to writing.
A city or county law.
ORIENTATION:
Placing a house on its lot with regard to its exposure to the rays of the
sun, prevailing winds, privacy from the street and protection from outside
noises.
The owner's original downpayment on a property.
The principal amount owed on a mortgage on the date of its negotiation as
shown on the "face" of the agreement.
See "original face value".
See commitment fee.
OSTENSIBLE AUTHORITY:
The suggestion that one person has the right to act on behalf of another
person created by the actions of the "agent" and the inactivity or lack of
protest of the "principal".
A structure that is not a part of the main building but is necessary to
the full enjoyment of the property (i.e. a shed, garage, etc.).
A claim which the claimant cannot pursue in court because he delayed
beyond the time allowed by the Statute of Limitations.
OUTSTANDING BALANCE:
The amount of money (including principal and interest) owing at a given
date on a loan or mortgage.
OVERIMPROVEMENT:
An improvement which is not the highest and best use for the site on
which it is placed by reason of excess size or cost.
See MORTGAGE BACK or
VENDOR TAKE-BACK MORTGAGE.
Any property where the owner resides in all or part of the property.
A title insurance policy which covers the owner of the property from
title defects and other flaws which were not apparent at the time of the
purchase.
OWNERSHIP:
The right to the use of property to the exclusion of others.