O

Obligations: Any debt other than the mortgage payment that the borrower is required and committed to pay.

Offer: An expression of desire to purchase a specific piece of property for a specified price.

Offeree: Seller

Offeror: Potential buyer

Optionee: The person who purchases an option.

Optionor: The person who sells an option allowing the optionee to purchase their property for a specified price for a limited amount of time.

Origination Fee: A fee charged by the lender for the handling of the documents of a loan. Usually includes credit checks, loan doc preparations, etc…

Owner Occupied: Owners residential dwelling or the place where the owner operates their business.