Real Estate City Glossary

Real Estate City Glossary O
(Open Mortgage - Over imrpovemnets)

A1 | A2 | A3 | A4 | B1 | B2 | B3 | C1 | C2 | C3 | D1 | D2 | E1 | E2 | F1 | F2 | F3 |
G1 | G2 | H1 | H2 | I1 | I2 | J | K | L1 | L2 | L3 | M1 | M2 | M3 | N | O1 | O2
| P1 | P2 | Q | R1 | R2 | S1 | S2 | T1 | T2 | U | V1 | V2 | W1 | W2 | X | Y | Z

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

Option to Purchase
Contract that gives one the right, without any obligation, to purchase a property, within a certain period of time and at a certain price, subject to conditions.

Order of Possession
A court order that enables the applicant to occupy vacated premises.

Organized Real Estate
The voluntary association of licensed real estate practitioners as members of real estate boards.

Orgination Fee
A fee charged by a lender to process a morgage application.

Outlet Sewer
Pipe section, in a septic system, which runs between a septic tank and the drainage field.

Outstanding Balance
The amount still unpaid and owed on a debt, loan or other financing agreement.

Overburden
Earth that must be removed to reach a deposit of rock or other material to be quarried.

Over imrpovemnets
The placement of improvements on a property that are excessive and consequently inconsistent with the overall size.