To purchase a property before it is completed after having only seen the plans.
Offer
Conveyed intent by one party to form a contract, which may have conditions and stipulations, with another party.
Offset Account
An account linked to a mortgage account so that the interest earned is applied to reduce the interest on the mortgage.
Old System Title
Also called Common Law Title. A series of title documents called a 'chain of title'. The overall title is sound only if the every document in the chain is sound. The legal investigations are complicated and expensive. An old system title may be converted .
Ombudsman
The Australian Banking Industry Ombudsman (ABIO) is the avenue through which a customer can make a complaint about their bank and have it dealt with independently.
Ongoing Fee
A loan maintenance fee charged regularly over the life of the loan.
Open Listing
A type of listing agreement in which more than one real estate agent may be employed to sell the property. The owner pays a commission only to the agent who finds the buyer. This listing is also known as a simple listing or a general listing and the owner.
Open Market Value
1. The best price which might reasonably be expected to be obtained at arms' length for an interest in a property at the date of valuation, subject to any statutory assumptions which may be required.
"2. For the purpose of asset valuations this is defined by the Royal Institute of Chartered Surveyors (UK) as the best price which might reasonably be expected to be obtained for an interest in a property at the date of valuation assuming:there is a willing seller
there is a reasonable period in which to negotiate the sale
that values will remain static during that period
that the property will be freely exposed to the market; and
that no account will be taken of any higher price that might be paid by a person with a special interest. "
that no account will be taken of any higher price that might be paid by a person with a special interest.
Open Space
Land which has not had improvements such as buildings and other structures added to it. Such land is often left in a subdivision by a developer or stipulated by a local authority for recreational use or for personal use by the owner.
Operating Cost Escalation
Although there are many variations of escalation clauses, all are intended to adjust rents by reference to external standards such as published indexes, negotiated wage levels, or expenses related to the ownership and operation of buildings.
Outgoings
Costs incurred by the owner of an interest in property, usually calculated on a yearly basis. Eg. management, repairs, rates, insurance and rent payable to the holder of a superior interest, as appropriate to his contractual or other liabilities. It is prudent to make annual provision for future items involving expenditure at intervals of more than one year.
