Real Estate City Glossary

Real Estate City Glossary O
(Obligee - Open Listing)

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Obligee
The person to whom a debt or obligation is owed.

Obstruction
Blockage. A clog. Something that prevents passage or operation.

Occupancy
Residing in or using real estate.

Offer
An expression of willingness to purchase a property at a specified price; presenting for acceptance a price for a property parcel; the bid price in a real estate or security transaction.

Offer and Acceptance
These two requirements of a contract forming mutual consent combined with valuable consideration are the major elements of a contract.

Offer To Purchase
A proposal to buy property at a specified price whereupon the seller has the options of accepting or rejecting the offer or making a counteroffer.

Offeree
One who receives an offer.

Offerer
One who extends an offer to another.

Offer Process
Begins with initial discussion and the drafting of an offer to purchase real property.

Office Condominium
The units are used as commercial offices.

On-Site Improvements
Directly enhancing the physical nature of the property such as renovating a building, installing a new driveway and parking lot and gardening.

On-Site Management
Managing property directly at its location where it's functions may include showing prospective tenants the facilities, collecting rents, and doing upkeep on the property.

Online Real Estate Listings
Properties listed for sale on the Internet.

Open-End Lease
A lease contract providing for a final additional payment on the return of the property to the lessor, adjusted for any value change.

Open Listing
A listing given to any number of brokages without liability to compensate any.