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There are 9 names in this directory beginning with the letter O.
O&A (Offer and Acceptance) Form
When you make an offer to purchase a property, you sign one of these forms. When the owner accepts the offer, it becomes a binding contract.
This is buying an apartment that has not been built yet. You can review the design and building plans, but the building may not be entirely built yet. This is commonly used for apartments or units under construction or about to be built.
The consideration offered to purchase or lease an asset.
Open Agency Agreement
The agreement between an agent and a vendor establishing an Open Listing.
Open Listing
Where a vendor grants selling or leasing rights over a property to any number of agents on a non-exclusive basis. The first agent to procure a buyer ready, willing and able to purchase or lease the property on terms acceptable to the vendor receives the commission. Also known as a Common Listing, Simple Listing or Open Agency.
The expenses incurred in generating income. In real estate, these expenses include, but are not necessarily limited to, property rates, insurance, repairs and maintenance and management fees.
Outstanding Debt
The outstanding debt of a geared property is the principal amount of money owned to the financial entity that issued the loan.
In relation to land, the owner includes every person who jointly or severally whether at law or in equity: (a) is entitled to the land of an estate in freehold possession; or (b) is entitled to receive rent or profits thereof, whether as beneficial owner, trustee, mortgagee in possession or otherwise.
Owners Corporation
See 'Body Corporate'.