ObsolescenceThe process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
OccupancyA physical presence within and control of a property.
Occupancy RateThe percentage of properties in a given area that are occupied.
Octopus ReceptacleAn outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.
Off-Site ImprovementsBuildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.
Off-Street ParkingDesignated parking spaces associated with a particular building or other structure which are not located on public streets.
OfferA formal bid from the homebuyer to the home seller to purchase a home.
Old Termite ActivityWhere no termites are currently active, but indications of past activity can be seen.
On-Site ImprovementsBuildings, structures or other amenities that are erected on a piece of property and contribute to its value.
Open HouseWhen the seller's real estate agent opens the seller's house to the public. You do not need a real estate agent to attend an open house.
Open SpaceAny land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.
Open SpliceAn uncovered electrical connection.
Original EquityThe amount of cash a home buyer initially invests in the home.
Original Principal BalanceThe total amount of principal owed on a mortgage loan at the time of closing.
Origination FeeRefers to the total number of points paid by a borrower at closing.
Owner FinancingA transaction where the property owner provides all or part of the financing.
Owner OccupiedThe state of property wherein the owner occupies at least some portion of the property.