Obligee - The person in whose favor an obligation is made.

Obligor - The person who binds themselves to another.

Offer - A commitment to do some act, usually to buy or sell something.

Open House - In residential real estate, an opportunity for all prospective buyers to tour a home offered for sale.

Operating Expenses - Necessary expenses for the normal day-to-day running of a business or income-producing property.

Operating Statements - Financial statements regarding the cash flow of a business.

Option - The right, but not obligation, to purchase or lease a property upon specific terms within a specific time period.

Ordinances - The rules by municipalities governing the use of land.

Orientation - Positioning of a structure on a site.

Origination Fee - A fee paid to either a lender or a broker for originating a loan. It may be the sole compensation for their work in arranging and/or processing the loan, or it may only be a portion of the compensation. Some loans do not have an origination fee.

Originator - An individual that works with a borrower to start a loan. Typically the employee of a financial institution, the employee of a broker or an independent contractor affiliated with multiple brokers, the originator determines the type of loan a borrower most-likely qualifies for, helps the buyer complete an accurate application, gathers the documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.

Other People's Money (OPM) - A common expression when talking about the multiplying effect of using borrowed funds to purchase property rather than using all of one's own money.

Outstanding Balance - The amount owed on a debt, as of a particular date.

Owner Financing - A seller of real property holding a first or second mortgage for some or all of the purchase price.

Owner-Occupied - The owner of a property using it as their personal residence rather than as a non-owner-occupied investment property.