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Word: Definition:
OBLIGATION Legal reservation of funds based on known requirements (a contract, for example), or an a realistic estimate of costs.
OBLIGOR One who places himself under a legal obligation to an obligee.
OBSOLESCENCE As applied to real estate it is the loss of value due to structural, economic, or social changes becoming outmoded.
OFFER A promise by one party to act in a certain manner provided the other party will act in the manner requested. The offeror is the one who makes the offer to the offeree.
OFFSET STATEMENT A statement by the owner of property or owner of a lien against property, setting forth the present status of liens against said property.
OPEN-END MORTGAGE A mortgage containing a clause that permits the mortgagor to borrow money after the loan has been reduced without rewriting the mortgage.
OPTION A privilege, acquired for a consideration, of demanding within a specified time the carrying out of a transaction upon stipulated terms. The optionor grants an option to an optionee.
ORDER OF POSSESSION Court order in a condemnation which allows the Government to enter and use lands.
OUTGRANT Government term for the interest or right granted to one to use Government real property by a lease, easement, license, or permit.
OUTLEASING The leasing of Army-controlled real property which is temporarily not required for mission purposes.
OUTSTANDING RIGHTS Encumbrances, obligations, or liens on property. The Government may take such property subject to the outstanding rights or may eliminate them.
OVER-IMPROVEMENT An improvement to land that is more extensive or costly than needed. As an example, the erection of a thirty-story office building where fifteen would have been adequate for the present and foreseeable future needs of the business community.
OWNER IN EQUITY owner is responsible for repairing or replacing improvements to the property that are damaged (i.e., loss by fire, damages due to flood, etc.).