Glossary O

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O-ring

A small rubber ring that provides a water seal in faucets and other plumbing fittings.

Obsolescence

Loss in value because a home’s design and construction have become obsolete.

Online real estate listings

Properties listed for sale on the Internet.

Open house

A marketing tool in which a listing agent opens a house to the public for viewing.

Open listing

A property given to a number of brokers to market at the same time.

Open space

Undeveloped land or common areas in a planned community reserved for parks, walking paths, or other natural uses.

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.

Option listing

A listing agreement with a clause that gives the listing broker the right to purchase the property.

Oral agreement

Contractual arrangements that are not in writing and are usually not legally binding.

Orange peel

A type of wallboard finish with a texture like that of an orange peel.

Oriented-strand board

Often abbreviated “OSB,” this is a relatively inexpensive manufactured wood panel that, like plywood, is sold typically in a 4-by-8-foot size and used for roof and wall sheathing.

Original principal balance

The amount of principal owed on a loan before a borrower makes any payments.

Origination fee

A fee charged by most lenders to cover the direct costs of arranging the loan; also called points. A point is 1 percent of the total loan amount.

Ostensible agency

An implied agency relationship not involving a written agreement or documentation.

Outbuilding

Any barn, shop, shed, or other structure located on a lot in addition to a house or other main building.

Overflow plate

A small plate that covers an outlet near the rim of a sink or tub. If the water is left running, this allows it to drain away to prevent overflows.

Overflow prevention switch

A special air-pressure switch in a dehumidifier that turns the unit off when water in the reservoir rises to a certain level.

Overhang

A protruding structural feature.

Over-improved property

Property that could not be sold at a price high enough to recoup the costs of improvements.

Owner financing

A transaction in which the seller of a property agrees to finance all or part of the purchase.

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Kaitlyn Espada

The Alaska Real Estate Lady
Signature Real Estate Alaska
Kaitlyn@AlaskaRealEstateLady.com
(907) 414-1664