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| Term |
|
Description |
|
| Obsolescence |
|
The process of becoming no longer in use or no longer useful or the condition of being
nearly obsolete. |
|
| Offer and Acceptance |
|
An agreement between owner and purchaser as to the price, terms, conditions and date
of occupancy. |
|
| Offer to Buy |
|
A document submitted to the seller with the price and other terms that the buyer is willing to offer
for a property. |
|
| Office of
Administrative Law Judges |
|
The mission of the Office of Administrative Law Judges is to provide due process through
timely and fair dispositions of all matters brought before us. We are dedicated to achieving this
goal, whether presiding over on-the-record hearings, motion practice, or participating as settlement
judges. The judges are appointed pursuant to the Administrative Procedure Act (5 USC 551), and
are, therefore, independent of agency influence in their proceedings and decisions. |
|
| Open-End Mortgage |
|
One which provides that the outstanding balance can be increased in order to advance
additional loan funds to the borrower, up to the original sum of the note. (See also:
Mortgage) |
|
| Open Listing |
|
An authorization given by a property owner to a real estate agent wherein said agent is
given the non-exclusive right to secure a purchaser; open listings may be given to any number
of agents without liability to compensate any except the one who first secures a buyer ready,
willing and able to meet the terms of the listing, or secures the acceptance by the seller of a
satisfactory offer. |
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| Option |
|
A contract conveying a right to buy or sell property at a specified price during a stipulated
period |
|
| Oral Contract |
|
A verbal agreement; one which is not produced in writing. |
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