New York City Real Estate

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New York Real Estate

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New York Real Estate Glossary O
(Obligatory - On-Site Improvements)

A1 | A2 | A3 | A4 | B1 | B2 | B3 | C1 | C2 | C3 | D1 | D2 | E1 | E2 | F1 | F2 | F3 |
G1 | G2 | H1 | H2 | I1 | I2 | J | K | L1 | L2 | L3 | M1 | M2 | M3 | N | O1 | O2
| P1 | P2 | Q | R1 | R2 | S1 | S2 | T1 | T2 | U | V1 | V2 | W1 | W2 | X | Y | Z

Obligatory
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default.

Obligee
The person to whom a debt or obligation is owed.

Obstruction
Blockage. A clog. Something that prevents passage or operation.

Occupancy
Residing in or using real estate.

Offer
An expression of willingness to purchase a property at a specified price; presenting for acceptance a price for a property parcel; the bid price in a real estate or security transaction.

Offer and Acceptance
These two requirements of a contract forming mutual consent combined with valuable consideration are the major elements of a contract.

Offer To Purchase
A proposal to buy property at a specified price whereupon the seller has the options of accepting or rejecting the offer or making a counteroffer.

Offeree
One who receives an offer.

Offerer
One who extends an offer to another.

Office Condominium
The units are used as commercial offices.

On-Site Improvements
Directly enhancing the physical nature of the property such as renovating a building, installing a new driveway and parking lot and gardening.