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Real Estate Glossary
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Terms starting with 'O':
OBSOLESCENCE:
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.
OCCUPANCY :
A physical presence within and control of a property.
OCCUPANCY RATE :
The percentage of properties in a given area that are occupied.
OCTOPUS RECEPTACLE :
An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.
OFF-SITE IMPROVEMENTS :
Buildings, 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 PARKING :
Designated parking spaces associated with a particular building or other structure which are not located on public streets.
OLD TERMITE ACTIVITY :
Where no termites are currently active, but indications of past activity can be seen.
ON-SITE IMPROVEMENTS:
Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.
OPEN SPACE :
Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.
OPEN SPLICE:
An uncovered electrical connection.
ORIGINAL EQUITY :
The amount of cash a home buyer initially invests in the home.
ORIGINATION FEE :
Refers to the total number of points paid by a borrower at closing.
OWNER FINANCING:
A transaction where the property owner provides all or part of the financing.
OWNER OCCUPIED:
The state of property wherein the owner occupies at least some portion of the property.

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