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| Oath |
| An affirmation that binds someone legally and morally. |
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| Offset Statement |
| A statement by a lien holder to a buyer stating the balance due on existing liens against the property being purchased. |
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| One-Year Adjustable |
| A mortgage program where the annual rate changes yearly. |
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| Open-End Mortgage |
| A loan amount that can be increased upon mutual agreement of the lender and the borrower. |
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| Operations and Maintenance Plan Program |
| A plan set forth to mitigate and remedy a known or potential environmental issue for instance, asbestos contamination. Oftentimes referred to as an "O&M plan." |
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| Option |
| The right to buy or sell property or sign a contract, based upon certain terms and conditions. Usually applicable to specific time frames during which the 'option' may be exercised.
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| Original Principal Balance |
| The total amount of principal owed on a mortgage before any payments are made and without added interest.
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| Origination Fee |
| A fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the amount loaned, such as one percent.
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| Owner Financing |
| A property purchase transaction in which the property seller provides all or part of the financing.
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| Owner Occupied |
| 'Owner Occupied' means the property is the owner's primary residence.
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| Ownership |
| The right to enjoy and use property to the exclusion of others. |
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