Real Estate Glossary and Dictionary

for Tax Lien O Terms

Find the Meaning of Real Estate Terms related to Tax Liens and Tax Deeds

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Obligee - The person in whose favor an obligation is entered into.

Obligor - The person who binds himself or herself to another

Obsolescence - A loss in value due to reduced desirability and usefulness of a structure because its design and construction have become obsolete. A loss due to a structure’s becoming old fashion, not in keeping with today’s standards or needs, with consequential loss of income.

Offer - An expression of willingness to purchase a property at a specified price.

Offeree - One who receives an offer. When a buyer makes an offer to a seller, the seller is an offeree.

Offeror - One who makes an offer. When a buyer makes an offer to a seller, the buyer is an offeror.

One Action Rule - A rule of law, used heavily in California, that forces a lender to bring only one court action or proceeding against a borrower in a foreclosure. The one action rule makes it difficult for a lender to obtain a deficiency judgment against a borrower.

Open Listing - An agreement between an owner and many brokers. If a broker produces a ready willing, and able buyer, a commission is due. However, the owner still has the right to sell his/her property and is not obligated to pay a commission to anyone.

Open Mortgage - A mortgage that has matured or is overdue and, therefore, is "open" to foreclosure at any time.

Open-end mortgage - A mortgage permitting the borrower to borrow additional money under the same mortgage, within certain conditions.

Open house - A home left open for inspection by prospective buyers.

Option - The right to purchase or lease property at a predetermined price within a specified time. A right which is given for consideration to a party (optionee) by a property owner (optionor) to purchase or lease property within a specified time, at a specified price and terms. An option is irrevocable by the optionee and will not be extinguished by death or insanity of either party.

Optionee - The holder of the option. Buyer

Optionor - The seller of the option.

Oral contract - A verbal agreement. Verbal agreements for the sale or use of real estate normally are unenforceable.

Ordinance - A statute enacted by the legislative branch of a local government.

Origination - The process by which a mortgage banker brings into being a mortgage secured by real property.

Origination fee - The fee(s) charged in creating the mortgage by the lender. (See “loan origination fee.”)

Origination points - Lender fees that may include underwriting, processing, document preparations, flood certificate, tax service, wire transfer, courier, etc.

Originator - An individual who works with a borrower to start a loan. Usually an employee of a financial institution, an employee of a broker or an independent contractor affiliated with several brokers, the originator determines the type of loan a borrower probably qualifies for, helps complete an accurate application, gathers documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.

Over-encumbered property - Property that has a market value less than the loan(s) secured against it.

Over-improvement - Additions or improvements in which the cost is greater than the value added.

Owner of record - The individual named on a deed that has been recorded at the county recorder’s office.

Owner-occupied - The tenant also owns the property, an important distinction in tax matters.

Owner's Title Policy - A policy insuring the owner of real estate against certain defects of title.

Ownership - The right to hold, possess, control and dispose of property.

Ownership in Severalty - Individual ownership.

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