Real Estate Terms Glossary: O
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Obsolescence
A type of depreciation of real estate property.
Offer
A bargain. A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested.
Offsite Costs
Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings (onsite costs).
Open House
The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.
Option
A contract whereby a property owner sells a right to purchase his or her property to a prospective buyer.
Over-Improvement
Addition or improvement in which the cost is greater than the increased value of the house.
Owner's Policy
A policy insuring an owner of real property against financial loss resulting from a title defect.
Ownership
A legal fiction created to establish private rights to personal and real property in one person vis-à-vis another. It includes the entire bundle of rights associated with real property including the right to possess, enjoy, control, encumber, and transfer by deed or will.
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