Glossary in letter o

O-ring
A small rubber ring that provides a water seal in most plumbing fittings.
Offer to Purchase
A written document by the user and is submitted to the seller containing the price and conditions under which the property is offered to be purchased.
Online real estate listings
Loss in value because a homes design and construction have become obsolete. Properties listed for sale on the Internet.
Open house
A marketing tool in which a listing agent opens a house to the public for viewing.
Open space
Undeveloped land or common areas in a planned community reserved for parks, walking paths, or other natural uses.
Option
A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have any obligation to buy.
Option listing
A listing agreement with a clause that gives the listing broker the right to purchase the property.
Oral agreement
Contractual arrangements that are not in writing and are usually not legally binding.
Orange peel
A type of wallboard finish with a texture like that of an orange peel.
Oriented-strand board
Oriented strand board, or OSB, is an engineered wood product formed by layering strands (flakes) of wood in specific orientations. In appearance it has a rough and variegated surface with the individual strips (around 2.5 by 15 cm each) lying unevenly across each other in the direction of their grain.
Original principal balance
The amount of principal owed on a loan before a borrower makes any payments.
Origination fee
An origination fee is a fee for establishing a new loan. This fee is paid to the bank or your loan broker for his or her services in originating the loan. The fee usually varies from 0.5% (half a point) to 2% (two points) of the loan amount, depending whether the loan was originated in the prime or the sub prime market.
Ostensible agency
An implied agency relationship not involving a written agreement or documentation.
Outbuilding
An outbuilding is any structure secondary to a house, such as a barn, shed, or an outhouse, separated from the main structure.
Overflow plate
A small plate that covers an outlet near the rim of a sink or tub. This would eventually prevent overflow.
Overflow prevention switch
A special air-pressure switch in a dehumidifier that turns the unit off when water in the reservoir exceeds a certain level.
Overhang
A protruding structural feature.
Over-improved property
Property that could not be sold at a price high enough to recoup the costs of improvements.
Owner financing
A transaction in which the seller of a property agrees to finance all or part of the purchase.