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Real Property Glossary -O-
RETURN TO GLOSSARY PLANET
O-ringA small rubber ring that provides a water seal in faucets and other plumbing fittings.
Open house
A marketing tool where a listing agent opens a house to the public for viewing.
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.
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.
Orange peel
A type of wallboard finish with a texture like that of an orange peel.
Original principal balance
The amount of principal owed on a loan before a borrower makes any payments.
A fee charged by most mortgage lenders to cover costs of arranging the loan.
Ostensible agency
An implied agency relationship not involving a written agreement or
documentation.
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.
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.
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.
