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O-ring
A small rubber ring that
provides a water seal in faucets and other plumbing
fittings. |
obsolescence
Loss in value because a home's
design and construction have become obsolete.
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online real estate
listings
Properties listed for sale on
the Internet. |
open house
A marketing tool in which a
listing agent opens a house to the public for
viewing. |
open listing
A property given to a number of
brokers to market at the same time. |
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open space
Undeveloped land or common
areas in a planned community reserved for parks,
walking paths, or other natural uses. |
option
A situation in which a buyer
puts down money for the right to purchase a piece of
real estate within a set time period but does not
have an obligation to buy. |
option listing
A listing agreement with a
clause that gives the listing broker the right to
purchase the property. |
oral agreement
Contractual arrangements that
are not in writing and are usually not legally
binding. |
orange peel
A type of wallboard finish with
a texture like that of an orange peel. |
oriented-strand board
Often abbreviated "OSB," this
is a relatively inexpensive manufactured wood panel
that, like plywood, is sold typically in a
4-by-8-foot size and used for roof and wall
sheathing. |
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original principal balance
The amount of principal owed on
a loan before a borrower makes any payments. |
origination fee
A fee charged by most lenders
to cover the direct costs of arranging the loan;
also called points. A point is 1 percent of the
total loan amount. |
ostensible agency
An implied agency relationship
not involving a written agreement or documentation. |
outbuilding
Any barn, shop, shed, or other
structure located on a lot in addition to a house or
other main building. |
overflow plate
A small plate that covers an
outlet near the rim of a sink or tub. If the water
is left running, this allows it to drain away to
prevent overflows. |
overflow prevention
switch
A special air-pressure switch
in a dehumidifier that turns the unit off when water
in the reservoir rises to a certain level. |
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overhang
A protruding structural
feature. |
overimproved property
Property that could not be sold
at a price high enough to recoup the costs of
improvements. |
owner financing
A transaction in which the
seller of a property agrees to finance all or part
of the purchase. |
