Obligee::One to whom an obligation (promise) is owned.
Obligor::One who legally binds (obligates) oneself, such as the maker of a promissory note.
OBSOLESCENCE:The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
OCCUPANCY:A physical presence within and control of a property.
OCCUPANCY RATE:The percentage of properties in a given area that are occupied.
OCTOPUS RECEPTACLE:An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.
OFF-SITE IMPROVEMENTS:Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.
OFF-STREET PARKING:Designated parking spaces associated with a particular building or other structure which are not located on public streets.
OLD TERMITE ACTIVITY:Where no termites are currently active, but indications of past activity can be seen.
ON-SITE IMPROVEMENTS:Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.
OPEN SPACE:Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.
OPEN SPLICE:An uncovered electrical connection.
Original Cost::The purchase price of property, paid by the present owner. The present owner may or may not be the first owner.
ORIGINAL EQUITY:The amount of cash a home buyer initially invests in the home.
ORIGINAL PRINCIPAL BALANCE:The total amount of principal owed on a mortgage loan at the time of closing.
ORIGINATION FEE:Refers to the total number of points paid by a borrower at closing.
OWNER FINANCING:A transaction where the property owner provides all or part of the financing.
OWNER OCCUPIED:The state of property wherein the owner occupies at least some portion of the property.
Owner's Policy::A policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against or unmarketability of the owner's title.
