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OBSOLENCE |
Loss in value due to reduced desirability and
usefulness of a structure because its design and construction
become obsolete; loss because of becoming old-fashioned and
not in keeping with the modern need with consequent loss of
income. |
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OFFSET STATEMENT |
A statement by the owner of property or the
owner of a lien against property, setting forth the present
status of lien against the said property. |
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OPEN MORTGAGE |
A mortgage which can be paid off any time even
before its maturity. |
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OPEN-END MORTGAGE |
A mortgage containing a clause which permits a
mortgagor to borrow additional money after the loan was
reduced, without re-writing the mortgage. |
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OPEN LISTING |
An authorization given by a property owner to
a real estate agent wherein said agent is given the
non-exclusive right to secure a purchaser; open listing may be
given to any number of agents without liability to compensate
any except the one who first secures a buyer ready, willing
and able to meet the terms of the listing or secures the
acceptance by the seller of a satisfactory offer. |
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OPTION |
A right given for a consideration to purchase
or lease a property upon specified terms within a specified
time. |
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ORAL CONTRACT |
A verbal agreement; one who is not reduced to
writing. |
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OVER-IMPROVEMENT |
An improvement which is not suitable to the
site on which it is placed due to excessive size or cost. |