Undeveloped land or common areas in a planned community reserved for parks, walking paths, or other natural uses. …
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. …
Option Listing
A listing agreement with a clause that gives the listing broker the right to purchase the property. …
Oral Agreement
Contractual arrangements that are not in writing and are usually not legally binding. …
Orange Peel
A type of wallboard finish with a texture like that of an orange peel. …
Oriented-strand Board
Often abbreviated "OSB," this is a relatively inexpensive manufactured wood panel that, like plywood, is sold typically in a 4-by-8-foot size and used for roof and wall sheathing. …