OBSOLESCENCE
The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities. ​

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OCCUPANCY
A physical presence within and control of a property.

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OCCUPANCY RATE
The percentage of properties in a given area that are occupied.

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OCTOPUS RECEPTACLE
An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.

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OFF-SITE IMPROVEMENTS
Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.

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OFF-STREET PARKING
Designated parking spaces associated with a particular building or other structure which are not located on public streets.

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OLD TERMITE ACTIVITY
Where no termites are currently active, but indications of past activity can be seen.

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ON-SITE IMPROVEMENTS
Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.

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OPEN SPACE
Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.

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OPEN SPLICE
An uncovered electrical connection.

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ORIGINAL EQUITY
The amount of cash a home buyer initially invests in the home.

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ORIGINAL PRINCIPAL BALANCE
The total amount of principal owed on a mortgage loan at the time of closing.

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ORIGINATION FEE
Refers to the total number of points paid by a borrower at closing.

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OWNER FINANCING
A transaction where the property owner provides all or part of the financing.

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OWNER OCCUPIED
The state of property wherein the owner occupies at least some portion of the property.