Property Legal Terms (O)

Occupancy rates represent rooms nights occupied expressed as a percentage of room nights available, during any given period. For other properties (other than a hotel), it is the measure of the percentage of floor space occupied by tenants as compared to the total lettable area of the building.

A document issued by the local municipal authority building proposal department that provides no objection to occupy the building under reference for its specified use. The OC is issued only once the building has been completed in all respects and can be occupied. A corporate can carry out its commercial activity only once the premises/building has received its OC.

An expression of willingness to purchase or sell a property at a specified price; presenting for acceptance a price for a property parcel; the bid price in a real estate or security transaction.

These two requirements of a contract signifying mutual consent combined with valuable consideration are the major elements of a bidding contract

An entity that receives an offer

An entity that makes an offer

A room, set of rooms, or building where the business such as paperwork, administration, clerical services

Improvement or activities taking place away from the site or located away from the site

Development of land adjacent to the property to make it habitable such as side-walks, paved access road, sewers, etc.

An agreement permitting a real estate agent to sell the property while also allowing the homeowner or other agents to attempt to make the sale

The right to buy or sell an item at a specified price within a given period of time. The right, if not exercised after a specified time, expires. For example, a lease of a property with the option to buy.

The term refers to a verbal contract made between parties where there is partial or no written agreement. These types of contract have a very week legal standing and are dependent on witnesses to the said contract

A statue enacted by a city or town especially enactments of the legislative body of a municipal corporation or a county

Minor day-to-day repair and maintenance of a property to prevent wear and tear.

An entity possessing ownership rights to a property

A property that is occupied by an entity that posses ownership rights to the said property

The total amount of principal owed on a mortgage before any payments are made.

On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points". One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.

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