Look for words, Phrases & Definitions in Alphabetical Order:
O
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 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.