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Real Estate Dictionary

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objection

A buyer’s concern about a property being purchased and his or her requirement that the seller correct the problem before closing (e.g., something that is wrong with the heating system and must be fixed before the sale is concluded). Also known as requisition.

obligee

One to whom an obligation is owed. In real estate, the lender in a mortgage or loan transaction. Also called the mortgagee.

obligor

One who obligates. In real estate, the borrower in a mortgage or loan transaction.

occupancy

The physical possession of a building or property.

occupancy permit

A permit that is issued by a local building department and constitutes the department’s permission for people to enter and occupy a newly built or newly renovated dwelling after an inspection has verified that there is no potential threat to the safety or well-being of potential occupants.

occupancy rate

The percentage of available rental space that is actually rented and in use in either a building or a community.

off-street parking

Spaces for cars that are located on private property rather than on public streets. Local bylaws, particularly in big cities, increasingly require that any new commercial, retail or residential development provide a certain number of parking spaces as part of the development in order to reduce street congestion.

offer

A statement (either spoken or written) that informs one party of another’s willingness to buy or sell a specific property on the terms set out in that statement. Once made, an offer usually must be accepted within a specific period (i.e., it is usually not open-ended). Once accepted, the offer by the one party and the acceptance by the other both are regarded as binding.

offer and acceptance

see offer.

offeree

The person who receives an offer.