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Obsolescence - A
state of becoming unfashionable, out-of-date or no longer in use. |
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Off-Site
Improvements - Construction elements added to land
adjacent to a property being developed so as to add value to the land being
developed or to make it suitable for construction. Examples include: streets,
curbs, sidewalks, gutters, sewers, streetlights, etc. |
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Offer - Formal bid to buy
real estate; includes a description of the property, the purchase price, type
of financing, a target date for closing the sale, and other terms. In Oregon,
an offer to purchase real estate must be in writing in order to create an
enforceable contract. An offer becomes a contract upon acceptance by the
seller and communication of that acceptance to the party who made the offer.
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On-Site
Improvements - Structures or elements permanently
erected or installed on land. Examples are: houses, barns, fences, driveways,
walkways, etc. |
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Open Listing - Written
contract for a licensed real estate firm to market a seller's property, but
without an exclusive right to sell; allows a seller to enter into listing
contracts with other real estate firms and to avoid paying a fee if the seller
finds a buyer on his own. Provides the least protection for any real estate
firm marketing the property, so most firms do not enter into open listing
contracts. Those firms that do often expend a minimum of effort and expense in
marketing the subject property because the likelihood of compensation is
greatly reduced compared to other types of real estate listing contracts. The
rules of most multiple listing services (MLS) prohibit "open
listings" from being published in the MLS database. See also, exclusive
agency listing and exclusive right to sell listing.
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Option
- Contractual right, granted in exchange for something of value, to lease or
purchase a property under specified terms within a certain period of time. See
also, lease-option. |
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Oregon Bond Program - Common name for the
"Residential Loan Program" of the Oregon Department of Housing and
Community Services; offers below-market interest rates on mortgage financing
to first-time buyers and certain other qualified buyers. Loans are brokered
through participating mortgage bankers and brokers.
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Oregon Real Estate Agency - See Real Estate Agency.
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Original Principal - Total amount
borrowed before any payments are made.
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Origination Fee - See loan
origination fee.
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Owner Financing
- Credit
extended from a seller in a real estate transaction. Typical contractual
arrangements for owner financing include a "land sales contract" and
a "deed of trust." Owner financing may also be referred to as a
"seller carryback" or "seller financing."
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Owner's Title
Policy - Insurance policy providing financial protection to an owner of
real estate in the event of defects in the title that is passed with the
property. The standard owner's title policy provides a minimum level of coverage and protects the owner
against claims that result because of a title company's failure to discover
title defects that the company should have found in public records. In most
real estate transactions, the owner's title policy is purchased by the seller
for the buyer. See also, lender's title policy. |
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Ownership -
Control of property along with the legal right to enjoy the benefits of the
property. See also, title. |
