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Oblique Views
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This term is used to describe views from an apartment when one has a rather 'turn of your head' view of Central Park or either of the two rivers.
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Offer
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indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.
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Offer
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Term used to describe a stated price or spread to sell whole loans or securities
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Offer Accepted
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This term describes one of chain of events in the purchase of an apartment. This refers to the point in time when an owner accepts the business terms of an offer for an apartment. This can include the price, the closing period, and any contingencies the parties may agree upon.
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One-year Adjustable Rate Mortgage
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A mortgage whose interest rate changes yearly. The rate is usually based on movements of a published index plus a specified margin.
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On-Site Broker or Contact Person
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This is the person hired by the owner of the building (rental) or a developer to sit at the building to field questions about the property, show vacant apartments and follow-through with any transactions at the building. This is usually the person with whom the listing manager of a real estate firm will have contact for updates.
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Open House
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In order to promote a property, the listing broker or the owner of the property may hold an open house in order to get a large number of people and/or brokers through the property in a short period of time. Often you will see Open Houses advertised in the Sunday New York Times Real Estate Section.
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Open Kitchen
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A kitchen which opens up to the living space of an apartment. There is no door separating the kitchen from the rest of the apartment. These types of kitchens are most often found in loft spaces.
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Open Listing
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A listing offered to the brokerage community by an apartment owner, a developer or a management firm which is not being marketed on a co-broke basis. This type of listing often allows a broker to earn a larger fee than if the property were being marketed by a co-operating broker.
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Open space
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An area of land or water dedicated for public or private use or enjoyment
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Open-end fund
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A commingled fund that does not have a finite life, continually accepts new investor capital and makes new property investments
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Operating cost escalation
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Although there are many variations of escalation clauses, all are intended to adjust rents by reference to external standards such as published indexes, negotiated wage levels, or expenses related to the ownership and operation of a building.
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Operating expense
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The actual costs associated with operating a property, including maintenance, repairs, management, utilities, taxes and insurance
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Opportunistic
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A phrase generally used by advisers and managers to describe investments in underperforming and/or undermanaged assets that hold the expectation of near-term increases in cash flow and value. Total return objectives for opportunistic strategies tend to be 20 percent or higher. Opportunistic investments typically involve a high degree of leverage - typically 60 percent to 100 percent on an asset basis and 60 percent to 80 percent on a portfolio basis.
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Option
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A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy.
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Option Arm Loan
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A home loan where the borrower has multiple payment options each month.
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Original Detail
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This term is used to describe detailing in pre-war apartments. This can include ceiling moldings, chair rails, ornamental decorations around doors or fireplaces, etc.
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Original principal balance
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The amount of principal owed on a loan before a borrower makes any payments.
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Original Room Count
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Many pre-war apartment buildings when built were designed to accommodate one or two apartments per floor. Often these apartments could encompass from 10 to 16 rooms. Over time these apartments have been slimmed down to smaller apartments of significantly smaller sizes. Today we may also see a situation where individual apartment owners may take a six or seven room apartment and combine two maids' rooms or add a maid's room to a kitchen to create fewer, yet larger rooms in an apartment.
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Origination
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the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.
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Origination fee
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The charge for originating a loan; is usually calculated in the form of points and paid at closing.
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Origination fee
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A fee charged by most mortgage lenders to cover costs of arranging the loan.
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Originator
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A company that sources and underwrites commercial and/or multifamily mortgage loans
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Out-parcel
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Individual retail sites in a shopping center
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Overallotment
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A practice through which underwriters offer and sell more shares than they have agreed to buy from the issuer
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Owner financing
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A transaction in which the seller of a property agrees to finance all or part of the purchase.
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Owner Pays (OP)
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A situation when an owner of an apartment building or an individual apartment will offer an inducement to a prospective tenant or to a broker by paying all or part of the commission on the rental of an apartment. In hot rental market, it will be less likely that an owner will pay any portion of a rental commission.
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Ownership
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There are several different types of residential ownership in Manhattan. Each of them has their distinct characteristics. They are Condominiums; Co-operatives; and Cond-ops.
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