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Glossary of Terms
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OATH
An attestation by a person, which binds him or her legally and morally. Usually attesting to the truth of something, as an affidavit, or the validity of one's signature. A promise to tell the truth. Also, a promise to carry out a duty with high morality (oath of office). An oath has religious connotations and usually involves the word "swear," and may contain the phrase "so help me God:" or require the one taking the oath to put his or her hand on a bible. An affirmation (see which) is still legally binding.
OFFICE
A zoning designation allowing businesses to carry on their paperwork rather than manufacturing of sale of inventory to the public on the site. Some businesses may be conducted entirely out of such space, when only paperwork is involved, such as insurance companies, law firms, accounting firms, etc.
OFFSET STATEMENT
(1) A statement given to a buyer of rental property by a tenant setting forth the amount of rent and terms of the rental agreement.
(2) A statement by an owner or lien holder to a buyer, setting forth the balance due on existing liens against the property being purchased.
"ONCE IN A LIFETIME" TAX EXCLUSION
A forgiveness of a portion of the tax due on the sale of a residence by a senior citizen. As the term denotes, the exclusion can be taken only once.
"ONE. TWO. THREE" FINANCING
A method of creative financing by which the buyer (1) assumes an existing loan, (2) secures a second loan from a third party lender. (3) takes a third loan from the seller.
OPEN-END MORTGAGE
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.
OVERRIDE
A rental amount paid due to sales of the tenant. For example: A lease for a service station may contain a provision for a certain addition to the rent for every gallon of gasoline over a certain amount sold each month. The amount over is called the override, such as two cents per gallon for every gallon over fifty thousand sold each month
OWNERSHIP
Rights to the use, enjoyment, and alienation of property, to the exclusion of others. Concerning real property, absolute rights are rare, being restricted by zoning laws, restrictions, liens, etc.
OWNER WILL CARRY MORTGAGE
A term used to indicate that the seller is willing to take back a purchase money mortgage.
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