|
O |
| off the plan |
To purchase a property before it is completed after having only seen the plans. |
| offer |
A legal document that details specific price for the purchase of a specific property. It may include any conditions and stipulations. |
| offset account |
An account linked to a mortgage account so that the interest earned is applied to reduce the interest on the mortgage. A 100% offset has the interest rate the same for earned and paid. A partial offset account has a lower interest rate earned than the rate
paid on the home loan. |
| Old System Title |
Also called Common Law Title. It consists of a series of title documents called a 'chain of title' going back to the original owner. The overall title is sound only if the every document in the chain is sound. |
| ombudsman |
The Australian Banking Industry Ombudsman (ABIO) is provides customers with a way to make a complaint about their bank and have it dealt with independently. |
| ongoing fee |
Any loan maintenance fee charged regularly over the life of the loan. |
| option to buy |
A legally binding document giving the right to buy something usually within a specific time frame at a specific price. This right is given in exchange for a fee. |
| open listing |
A type of listing agreement in which more than one real estate agent may sell the property. The owner pays a commission only to the agent who finds the buyer. Also known as a simple listing or a general listing, the owner is not obligated to pay anyone a
commission if the owner personally sells the property. |
| open space |
Land which has not had improvements such as buildings and other structures added to it. Such land may be left by a developer or ordered by a local authority for recreational use or for personal use by the owner. |
| overdraft |
A pre-arranged limit allowing someone to exceed their account balance. |
| off the plan |
To purchase a property before it is completed after having only seen the plans. |
| offer |
A legal document that details specific price for the purchase of a specific property. It may include any conditions and stipulations. |
| offset account |
An account linked to a mortgage account so that the interest earned is applied to reduce the interest on the mortgage. A 100% offset has the interest rate the same for earned and paid. A partial offset account has a lower interest rate earned than the rate
paid on the home loan. |
| Old System Title |
Also called Common Law Title. It consists of a series of title documents called a 'chain of title' going back to the original owner. The overall title is sound only if the every document in the chain is sound. |
| ombudsman |
The Australian Banking Industry Ombudsman (ABIO) is provides customers with a way to make a complaint about their bank and have it dealt with independently. |
| ongoing fee |
Any loan maintenance fee charged regularly over the life of the loan. |
| option to buy |
A legally binding document giving the right to buy something usually within a specific time frame at a specific price. This right is given in exchange for a fee. |
| open listing |
A type of listing agreement in which more than one real estate agent may sell the property. The owner pays a commission only to the agent who finds the buyer. Also known as a simple listing or a general listing, the owner is not obligated to pay anyone a
commission if the owner personally sells the property. |
| open space |
Land which has not had improvements such as buildings and other structures added to it. Such land may be left by a developer or ordered by a local authority for recreational use or for personal use by the owner. |
| overdraft |
A pre-arranged limit allowing someone to exceed their account balance. |
