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OCC
Percent occupancy of the motel, i.e.: number of rooms rented
vs. the number of rooms available, calculated on a yearly
percent basis. |
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Occupancy cost
Charge to tenant, pursuant to its lease, such as rent, operating
expense increases, parking charges, moving expenses, remodeling
costs, etc. |
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Offer to purchase
A commitment on the part of the buyer to enter into a contract
of sale. Acceptance of the offer does not create a contract
until a copy of the accepted offer is transmitted to the offeror
or his agent. |
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Online real estate listings
Properties listed for sale on the Internet | Search
our online listings |
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Open house
A marketing tool in which a listing agent opens a house for
view. |
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Open listing
A property given to a number of brokers to market at the same
time. |
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Open space
Undeveloped land or common areas in a planned community reserved
for parks, walking paths or other natural uses. |
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Operating expenses
The necessary costs of maintaining an income property, including
taxes, insurance, management fees, repairs, etc. This does
not include debt service on the property. |
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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 an obligation
to buy. |
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Options (in a lease)
Gives the tenant the right to renew the lease and/or take
more leased space after expiration of the primary lease term. |
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Oral agreement
Contractual arrangements that are not in writing and are usually
not legally binding. |
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Original principal balance
The amount of principal owed on a loan before a borrower makes
any payments. |
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Origination fee
A fee charged by most lenders--also called points--for processing
a loan. A point is 1 percent of the total loan amount. |
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Overhang
A protruding structural feature. |
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Owner financing
A transaction in which the seller of a property agrees to
finance all or part of the purchase. |
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