OCCUPANCY
The use of a property as a full-time residence, either by the titleholder (owner-occupied) or by another party through a formal agreement (rental).
OFF MARKET
A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.
OFFER TO PURCHASE
When a buyer proposes certain terms and presents these terms to the seller.
OFFICE TOUR/CARAVAN
A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.
OPEN HOUSE (PUBLIC)
When a listing that is on market is available to the public for viewings and showings.
ORDER CONFIRMING SALE
A court order given during a probate or bankruptcy proceeding which authorizes the sale of a part of the estate property.
ORIGINAL PRINCIPAL BALANCE
The total amount of principal owed on a mortgage before any payments are made.
ORIGINATION
The act of securing a completed mortgage application from a commercial or residential borrower and seeing that loan through to loan closing.
ORIGINATION CHARGE
One amount that includes all charges (other than discount points) that all loan originators (lenders and brokers) involved in the transaction will receive for originating the loan. This includes any application, processing, underwriting fees, and payments from the lender to the broker for origination.
OWNER FINANCING
A property purchase transaction in which the property seller provides all or part of the financing.
