O
- Obsolescence
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The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
- Occupancy
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A physical presence within and control of a property.
- Occupancy Rate
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The percentage of properties in a given area that are occupied.
- Octopus Receptacle
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An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.
- Off-Street Improvements
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Designated parking spaces associated with a particular building or other structure which are not located on public streets.
- Offsite Improvements
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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.
- Old Termite Activity
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Where no termites are currently active, but indications of past activity can be seen.
- On-Site Improvements
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Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.
- Open Space
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Any land that has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.
- Open Splice
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An uncovered electrical connection.
- Original Equity
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The amount of cash a home buyer initially invests in the home.
- Original Principal Balance
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The total amount of principal owed on a mortgage loan at the time of closing.
- Origination Fee
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Refers to the total number of points paid by a borrower at closing.
- Owner Financing
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A transaction where the property owner provides all or part of the financing.
- Owner Occupied
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The state of property wherein the owner occupies at least some portion of the property.