The Internet Real Estate Glossary

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Obligee - The person in whose favor an obligation is entered into.

Obligor - The person who binds himself or herself to another

Obsolescence - A loss in value due to reduced desirability and usefulness of a structure because its design and construction have become obsolete. A loss due to a structure’s becoming old fashion, not in keeping with today’s standards or needs, with consequential loss of income.

Off Calendar - An on-going foreclosure that's been taken off the trustee's sale calendar. A new Notice of Trustee's Sale will have to be recorded to establish a new sale date.

Offer - An expression of willingness to purchase a property at a specified price.

Offeree - One who receives an offer. When a buyer makes an offer to a seller, the seller is an offeree.

Offeror - One who makes an offer. When a buyer makes an offer to a seller, the buyer is an offeror.

Official Lists - This is the list the taxing jurisdiction publishes. We will include the information that the taxing jurisdiction included with the exception of photographs and long legal descriptions if the parcel number or some other method of identifying the parcel is given. These lists will never be more than $70.00 and average around $8.00. The lists are done in Microsoft Excel or ASCII. Official list are usually delivered within 2 business days of receipt of the order. They are sent as an email attachment.

Official Record - The record in which all instruments filed in the County Recorder's Office are recorded. In the instance of determining the validity of "wild" deeds or ambiguous legal descriptions, names, etc. courts are required to make their determination in accord with the "official record" as it appears in the county recorder's records.

One Action Rule - A rule of law, used heavily in California, that forces a lender to bring only one court action or proceeding against a borrower in a foreclosure. The one action rule makes it difficult for a lender to obtain a deficiency judgment against a borrower.

Open Listing - An agreement between an owner and many brokers. If a broker produces a ready willing, and able buyer, a commission is due. However, the owner still has the right to sell his/her property and is not obligated to pay a commission to anyone.

Open Mortgage - A mortgage that has matured or is overdue and, therefore, is "open" to foreclosure at any time.

Open-end mortgage - A mortgage permitting the borrower to borrow additional money under the same mortgage, within certain conditions.

Open house - A home left open for inspection by prospective buyers.

Option - The right to purchase or lease property at a predetermined price within a specified time. A right which is given for consideration to a party (optionee) by a property owner (optionor) to purchase or lease property within a specified time, at a specified price and terms. An option is irrevocable by the optionee and will not be extinguished by death or insanity of either party.

Optionee - The holder of the option. Buyer

Optionor - The seller of the option.

Oral contract - A verbal agreement. Verbal agreements for the sale or use of real estate normally are unenforceable.

Ordinance - A statute enacted by the legislative branch of a local government.

Origination - The process by which a mortgage banker brings into being a mortgage secured by real property.

Origination fee - The fee(s) charged in creating the mortgage by the lender. (See “loan origination fee.”)

Origination points - Lender fees that may include underwriting, processing, document preparations, flood certificate, tax service, wire transfer, courier, etc.

Originator - An individual who works with a borrower to start a loan. Usually an employee of a financial institution, an employee of a broker or an independent contractor affiliated with several brokers, the originator determines the type of loan a borrower probably qualifies for, helps complete an accurate application, gathers documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.

Over-encumbered property - Property that has a market value less than the loan(s) secured against it.

Over-improvement - Additions or improvements in which the cost is greater than the value added.

Owner of record - The individual named on a deed that has been recorded at the county recorder’s office.

Owner-occupied - The tenant also owns the property, an important distinction in tax matters.

Owner Carry Back - When a property owner takes back a portion of their sales price in the form of a purchase money deed of trust.

Owner's Title Policy - A policy insuring the owner of real estate against certain defects of title.

Ownership - The right to hold, possess, control and dispose of property.

Ownership in Severalty - Individual ownership.

This real estate glossary is courtesy of the Internet Real Estate Center - Join the Online Real Estate Revolution.