- Nonconforming LoanA loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Read More
- NosingThe projecting edge of a molding or drip or the front edge of a stair tread. Read More
- NotchA crosswise groove at the end of a board. Read More
- NoteA written promise to pay a specified amount under the agreed upon conditions. Read More
- Note RateThe interest rate stated on a mortgage note, or other loan agreement. Read More
- Notice of DefaultA notification given to a borrower stating that he or she has not made their payments by the predetermined deadline or is otherwise in default(...) Read More
- Notice of Foreclosure SaleIn nonjudicial foreclosure states, there is no trial. Lenders simply issue a notice of intent to foreclose, alerting the borrower that the(...) Read More
- Notice of TerminationThe notice given by either the landlord or tenant that they want to end the rental agreement and vacate the property in compliance with the(...) Read More
- Notice of Trustee SaleInforms homeowners and mortgage borrowers of record that their home will be sold at a trustee’s sale on a specific date and at a specific location. Read More
- Novated ContractA contract substituted for another with the agreement of all parties. For example, in design and construct contracts where the design team(...) Read More
- NozzleThe part of a heating system that sprays the fuel of fuel-air mixture into the combustion chamber. Read More
- OakumLoose hemp or jute fiber that's impregnated with tar or pitch and used to caulk large seams or for packing plumbing pipe joints Read More
- Occupancy RateThe percentage of total apartment units that are occupied. Read More
- Occupancy StatusReferences how a property owner intends to make use the residence, as recorded by the lender and adjusted based on relative and associated(...) Read More
- Off-Market PropertyAn off-market property is one that has been sold or is in the process of being sold without any public knowledge or advertisement. Off-market(...) Read More
- OfferA formal bid from the home buyer to the home seller to purchase a home. Read More
- On centerThe distance from the center of one regularly spaced framing member to the center of the next. Read More
- On-Demand Hot Water HeaterTankless water heaters that use high-powered burners to heat water and are usually fueled by electricity or gas. Read More
- On MarketProperty that is available to buy Read More
- One-Piece ToiletA style of toilet, usually glass or china, where the bowl and tank are manufactured together as one fixture. Read More
- Open Floor PlanAn arrangement where at least two rooms that ordinarily have separate but related functions are conjoined. Most often, open floor plans involve(...) Read More
- Open-Front ToiletA type of toilet seat rim, usually used in commercial environments. An open-front toilet seat has a space, at least 2-3 inches wide, in the(...) Read More
- Open Hole InspectionWhen an engineer (or municipal inspector) inspects the open excavation and examines the earth to determine the type of foundation (caisson,(...) Read More
- Open HouseWhen the seller’s real estate agent opens the seller’s house to the public and neither an appointment or accompanying real estate agent is(...) Read More
- Opening BidThe first bid of an auction, which is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest(...) Read More
- Operating BudgetA financial plan predicting the property’s income that is balanced by various expenses over a period of one year. Read More
- Operating ExpensesPeriodic expenses necessary to the operation and maintenance of an enterprise (e.g., taxes, salaries, insurance, maintenance). Often used as a(...) Read More
- OpinionIn title industry terms, referred to as title opinion. The conclusion and judgment of a skilled person as to the status of a title, based upon a(...) Read More
- Oriented Strand BoardOriented strand board is a type of engineered wood that is produced by combining adhesive and compressed layers of wood strands in a specific(...) Read More
- Oriented-Strand-BoardA wood product such as a truss, beam, gluelam, microlam or joist which is manufactured out of smaller wood pieces and glued or mechanically(...) Read More
- Oriented Strand Board (OSB)A manufactured wood panel made out of 1"to 2" wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing. Read More
- Original Principal BalanceThe total amount of principal owed on a mortgage before any payments are made. Read More
- Origination FeeA fee paid to a lender or broker to cover the administrative costs of processing a loan application. The origination fee typically is stated in(...) Read More
- Out-of-State OwnerA property owner that lives in a different state then the property. Some people find the Return on Investment (ROI) to be better out-of-state,(...) Read More
- OutriggerAn extension of a rafter beyond the wall line. Usually a smaller member nailed to a larger rafter to form a cornice or roof overhang. Read More
- Outside CornerThe point at which two walls form an external angle, one you usually can walk around. Read More
- Oven CabinetAn oven cabinet is designed to hold a built-in oven when a kitchen is designed for a separate oven and cooktop, rather than a range. Oven(...) Read More
- OverageProfits remaining after subtracting for operating expenses, taxes, interest and insurance. Read More
- Overall CapConsumer safeguard that limits the amount the interest rate on an adjustable rate mortgage loan (ARM) can change over the life of the loan. Read More
- OverhangOutward projecting eave-soffit area of a roof; the part of the roof that hangs out or over the outside wall. Read More