OBSOLESCENCE
The loss of value due to being out of date (obsolete) as a result of changes in design and use or because of wear, changing technology or user preference. Obsolescence may be functional or economic.
OCCUPANCY PERMIT A permit issued by the appropriate local governing body after the final inspection of a new home by meeting certain safety and health standards to establish that the property is suitable for habitation and there are not any potential threats to the safety of occupants.
OFFER AND ACCEPTANCE Two essential components of a valid contract; a "meeting of the minds."
OFFICE OF THRIFT SUPERVISION (OTS) A bureau of the Treasury Department that monitors and regulates the savings and loan industry. OTS was created by FIRREA - Financial Institutions Reform, Recovery and Enforcement Act of 1989, to charter, regulate, examine and supervise savings institutions.
OPEN-END LOAN A loan where the borrower may add to the principal without renegotiating the terms of the loan. It is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage. A home equity loan is often open ended.
OPEN LISTING A listing contract under which in which more than one real estate agent may be employed to sell the property. The broker's commission is contingent upon the broker producing a buyer before the property is sold by the owner or another broker. The owner pays a commission only to the agent who finds the buyer. This listing is also known as a simple listing or a general listing and the owner is not obligated to pay anyone a commission if the owner personally sells the property. Such a listing is often used by builders and developers.
OPTION An agreement to keep open for a set period an offer to sell or purchase property. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercises the right to purchase. For the option to be valid, it must include consideration.
OPTION LISTING Listing with a clause that gives the listing broker the right to purchase the listed property.
OSTENSIBLE AGENCY OBSOLESCENCE A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.
OCCUPANCY PERMIT A permit issued by the appropriate local governing body after the final inspection of a new home by meeting certain safety and health standards to establish that the property is suitable for habitation and there are not any potential threats to the safety of occupants.
OFFER AND ACCEPTANCE Two essential components of a valid contract; a "meeting of the minds."
OFFICE OF THRIFT SUPERVISION (OTS) A bureau of the Treasury Department that monitors and regulates the savings and loan industry. OTS was created by FIRREA - Financial Institutions Reform, Recovery and Enforcement Act of 1989, to charter, regulate, examine and supervise savings institutions.
OPEN-END LOAN A loan where the borrower may add to the principal without renegotiating the terms of the loan. It is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage. A home equity loan is often open ended.
OPEN LISTING A listing contract under which in which more than one real estate agent may be employed to sell the property. The broker's commission is contingent upon the broker producing a buyer before the property is sold by the owner or another broker. The owner pays a commission only to the agent who finds the buyer. This listing is also known as a simple listing or a general listing and the owner is not obligated to pay anyone a commission if the owner personally sells the property. Such a listing is often used by builders and developers.
OPTION An agreement to keep open for a set period an offer to sell or purchase property. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercises the right to purchase. For the option to be valid, it must include consideration.
OPTION LISTING Listing with a clause that gives the listing broker the right to purchase the listed property.
OSTENSIBLE AGENCY OBSOLESCENCE A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.