| O Terms
: |
Off the Plan
|
To purchase a property before it is completed after having
only seen the plans. |
Offer
|
Conveyed intent by one party to form a contract, which may
have conditions and stipulations, with another party. |
Offset Account
|
An account linked to a mortgage account so that the interest
earned is applied to reduce the interest on the mortgage. |
Old System Title
|
Also called Common Law Title. A series of title documents
called a 'chain of title'. The overall title is sound only
if the every document in the chain is sound. The legal investigations
are complicated and expensive. An old system title may be
converted . |
Ombudsman
|
The Australian Banking Industry Ombudsman (ABIO) is the
avenue through which a customer can make a complaint about
their bank and have it dealt with independently. |
Ongoing Fee
|
A loan maintenance fee charged regularly over the life of
the loan. |
Open Listing
|
A type of listing agreement in which more than one real
estate agent may be employed to sell the property. The owner
pays a commission only to the agent who finds the buyer. This
listing is also known as a simple listing or a general listing
and the owner. |
Open Space
|
Land which has not had improvements such as buildings and
other structures added to it. Such land is often left in a
subdivision by a developer or stipulated by a local authority
for recreational use or for personal use by the owner. |
Operating Cost Escalation
|
Although there are many variations of escalation clauses,
all are intended to adjust rents by reference to external
standards such as published indexes, negotiated wage levels,
or expenses related to the ownership and operation of buildings. |