Real Estate Glossary

O

Office of Comptroller Currency
A federal regulatory agency that oversees some commercial banks.

Office of Thrift Supervision
A federal regulatory agency that oversees savings and loans.

Open End Mortgage
A mortgage permitting additional advances under the same mortgage, upon mutual agreement by the lender and borrower.

Option
A right or privilege to purchase or lease real property at a specified price during a designated period based on a sufficient consideration.

Origination Fee
A fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the amount loaned.

Over-Improvement
A structure or improvement that is inappropriately too costly versus the market value of its underlying real property.

Owner Financing
A property purchase transaction in which the property seller provides all or part of the financing.

Owner of Record
The owner of property that has a deed indicating his ownership that has been recorded at the local municipality.