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TermDefinition
- OakumLoose hemp or jute fiber that's impregnated with tar or pitch and used to caulk large seams or for packing plumbing pipe joints
- Occupancy RateThe percentage of total apartment units that are occupied.
- Occupancy StatusReferences how a property owner intends to make use the residence, as recorded by the lender and adjusted based on relative and associated risks. Use as a primary residence indicates intent to reside in the dwelling more than 50% of any given year. Use as a secondary residence acknowledges the owner will spend less than 50% of any year in the dwelling, but not allow it to be rented. Use as an investment property indicates the owner does not intend to reside in the dwelling, but rather own for rental or other investment opportunity.
- 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 properties are not listed on the public MLS for sale.
- OfferA formal bid from the home buyer to the home seller to purchase a home.
- On centerThe distance from the center of one regularly spaced framing member to the center of the next.
- OCThe distance from the center of one regularly spaced framing member to the center of the next.
- On-Demand Hot Water HeaterTankless water heaters that use high-powered burners to heat water and are usually fueled by electricity or gas.
- On MarketProperty that is available to buy
- One-Piece ToiletA style of toilet, usually glass or china, where the bowl and tank are manufactured together as one fixture.
- Open Floor PlanAn arrangement where at least two rooms that ordinarily have separate but related functions are conjoined. Most often, open floor plans involve some combination of kitchen, dining room, and living room and can be created during initial construction or during renovation (by removing walls, etc.)
- 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 front of the rim. The seat resembles a horseshoe in shape.
- Open Hole InspectionWhen an engineer (or municipal inspector) inspects the open excavation and examines the earth to determine the type of foundation (caisson, footer, wall on ground, etc.) that should be installed in the hole.
- 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 needed to visit and view the house.
- 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 accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
- Operating BudgetA financial plan predicting the property’s income that is balanced by various expenses over a period of one year.
- Operating ExpensesPeriodic expenses necessary to the operation and maintenance of an enterprise (e.g., taxes, salaries, insurance, maintenance). Often used as a basis for rent increases.
- 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 title examination.
- 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 placement.
- OSBOriented strand board is a type of engineered wood that is produced by combining adhesive and compressed layers of wood strands in a specific placement.
- Original Principal BalanceThe total amount of principal owed on a mortgage before any payments are made.
- 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 the form of points. One point is one percent of the mortgage amount.
- 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, which is the main reason to buy outside the region where you reside. Purchase price, appreciation rates, mortgage expenses, taxes, housing regulations, rental market conditions and more factors might be more favorable in another state and will contribute to a property’s potential ROI.
- 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.
- Outside CornerThe point at which two walls form an external angle, one you usually can walk around.
- 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 cabinets are normally designed for a single oven, but units for double ovens are also available. Single oven cabinets may sometimes be converted on the job site to hold a double oven. Always check to ensure the cabinet you're ordering will accept your oven model.
- OverageProfits remaining after subtracting for operating expenses, taxes, interest and insurance.
- OverhangOutward projecting eave-soffit area of a roof; the part of the roof that hangs out or over the outside wall.
- CorniceOutward projecting eave-soffit area of a roof; the part of the roof that hangs out or over the outside wall.
- Owner FinancingA transaction in which the property seller provides all or part of the financing for the buyer’s purchase of the property.
- Owner-Occupied PropertyA property that serves as the borrower’s principal residence and occupied by the borrower for the majority of the calendar year. At least one borrower must occupy the property and sign the security instrument and the mortgage note for the property.