Glossary

A B C D E F G H I J K L M N O P Q R S T U V W XYZ

O

OBLIGATION: That which a person is bound by a promise, contract or by law to do.

OFFICIAL RECORD BOOK: One of a set of books in the public records in which is recorded all papers filed for record. Such books supplant deed books and mortgage books.

OPEN-END MORTGAGE: A mortgage (or deed of trust) that, in addition to the original obligation, secures additional advances made by the lender after the date of execution of the mortgage. Additional advances may be either optional or obligatory. (See, also "Future Advance Clause.")

OPINION: In the title industry referred to as title opinion. The conclusion and judgment of a skilled person as to the status of a title, based upon a title examination.

OPTION: A right, given for consideration, to purchase or lease a parcel of property within a specified time and on specified terms.

ORDER CONFIRMING SALE: A court order confirming sale of estate property.

ORDINANCE: A legislative enactment by a city or county.

OVERRIDING ROYALTY: An interest in oil and gas to be produced that a lessee may retain when executing an assignment of an oil and gas lease.

OWNER'S POLICY: A policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against, or unmarketability of the owner's title.