A small rubber ring that provides a water seal in faucets and other plumbing fittings. …
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O
O-Ring
Obsolescence
Loss in value because a home's design and construction have become obsolete. …
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Online Real Estate Listings
Properties listed for sale on the Internet. …
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Open House
A marketing tool in which a listing agent opens a house to the public for viewing. …
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Open Listing
A property given to a number of brokers to market at the same time. …
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Open Mortgage
A mortgage which allows for extra payments, principal reductions or full payment at anytime without penalty. …
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Open Space
Undeveloped land or common areas in a planned community reserved for parks, walking paths, or other natural uses. …
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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. …
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Option Listing
A listing agreement with a clause that gives the listing broker the right to purchase the property. …
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Oral Agreement
Contractual arrangements that are not in writing and are usually not legally binding. …
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