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OBSOLESCENCE – An event in which a person, object, or service is no longer wanted, even though it may still be in good working order. (e.g.: pocket pagers, )

OBJECTIVES - Objectives are statements of attainable, quantifiable, intermediate-term achievements that help accomplish goals contained in the comprehensive plan. For example, an objective would be to achieve "the construction of 50 units of affordable housing annually until the year ____."

OCCUPANCY COSTS – The expenses and costs associated with occupying a property. Usually includes; rent, taxes, insurance, electric, etc. Behind Labor costs, it’s the second largest expense for most bricks and mortar businesses. An important consideration to include when first developing a budget.

OFFER - A promise by one party to act in certain manner provided the other party would act in the manner requested.

OFFICIAL MAP - The official map is the adopted map of a municipality showing streets, highways, parks, drainage, and other physical features. The "Official Map" is final and conclusive with respect to the location and width of streets, highways, drainage systems, and parks shown thereon and is established to conserve and protect the public health, safety, and welfare.

OPEN AIR MALL – A building (or collection of buildings) that is designed to function as a traditional fully enclosed shopping mall, but without the ceiling or roof structure.

OPEN-END MORTGAGE - A mortgage containing a clause, which permits the mortgagor to borrow additional money after the loan has been reduced, without rewriting to mortgage.

OPEN HOUSING LAW - A law passed by Congress in April 1968, which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers.

OPEN MEETING LAW - The Open Meetings Law is a state statute that requires local legislative, administrative, and quasi-judicial bodies to open all of their meetings to members of the public. This law applies to all meetings where a majority of the board members are present, except those meetings that are held as executive sessions.

OPEN SPACE PLAN - Is an office design which eliminates walls closing off the space into individual offices.

OPERATING COSTS - The day-to-day cost of running a building, business, piece of equipment, etc.

OPERATING EXPENSES - The landlord’s cost to operate a shopping center or property. Some items usually included are: Real Estate Taxes and assessments and other taxes, utilities, insurance, maintenance and repairs, common area refurbishing, janitorial, materials and supplies, repair service, cost of property management, security fees, employees and contractors, outside maintenance, cost of signs, rubbish removal, pest control, bulb replacement, etc.

OPINION OF TITLE - An attorney's evaluation of the condition of the title to a parcel of land after his examination of the abstract of title to the land.

OPTION - A right given for consideration to purchases or lease a property upon specified terms and within a specified period of time. Also refers to a clause in a lease contract that gives the option holder (usually the lessee) some future right in the lease (like extending the base term of a lease).

OPTIONEE - One to whom an option has been granted.

OPTIONOR – The party granting an option.

ORAL CONTRACT - A verbal agreement; one, which is not reduced to writing and something to be avoided when dealing in real estate development.

ORDINANCE - An ordinance is an act of a local legislature taken pursuant to authority specifically delegated to local governments by the state legislature. The power of villages to adopt ordinances was eliminated in 1974. Technically, therefore, villages do not adopt, amend, or enforce zoning ordinances. Zoning provisions in villages are properly called zoning laws.

ORIENTED STRAND BOARD (OSB) - A manufactured wood panel formed by bonding strands or flakes of wood with adhesives to form a stable substitute for plywood sheets. (See - OSB)

ORIGINAL JURISDICTION - When an aggrieved party must appeal a determination to a quasi-judicial or judicial body in the first instance that body has original jurisdiction over that matter. The zoning board of appeals, for example, has original jurisdiction to hear appeals of the determinations of the zoning enforcement officer.

OSB (ORIENTED STRAND BOARD) - A manufactured wood panel formed by bonding strands or flakes of wood with adhesives to form a stable substitute for plywood sheets. Because it is manufactured using approximately 80% of the tree (the other 20% is used in heat generation), It is one of the most environmentally friendly structural panels available today.

Oriented Strand Board photo

 

ORIGINATION FEE – A fee charged by a lender for costs of originating a mortgage (Usually equal to 1% of the loan amount).

OUTDOOR COIL/CONDENSING UNIT - The portion of a heat pump or central air conditioning system that is located outside the home and functions as a heat transfer point for collecting heat from and dispelling heat to the outside air.

OUTLOT – A parcel of land or building located on a perimeter roadway or connector road of a mall or large shopping center.

OVERHANG - The part of a roof that extends beyond the wall to shade buildings and cover walks.

OVERHEAD - That portion of the cost of doing business that is not directly related to any specific project.

OVERLAY ZONE - An overlay zone is a zone or district created by the local legislature for the purpose of conserving natural resources or promoting certain types of development. Overlay zones are imposed over existing zoning districts and contain provisions that are applicable in addition to those contained in the zoning law.

OWNER - One who holds legal fee simple title to real property; including tight to possess, use and deal with the property at the exclusion of others.

 

 

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