Words, Phrases & Definitions



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O

Obiter Dictum - That said in passing.

Office Information - Special information of title significance concerning persons or property maintained by a title company but not necessarily a matter of public record.

Offset Statement - Statement customarily furnished an escrow holder as to the current status of rental accounts, security deposits, and balance due on liens and encumbrances.

Omnibus Clause - Provision in an order for distribution by which any property of a decedent not specifically described is distributed.

Open-End Mortgage - Provision in a mortgage (or deed of trust) by which additional advances of money made by lender to borrower after execution of the security instrument are also secured by it.

Operative Property - Property reasonably necessary to the operation and conduct of a particular business.

Option - A choice; a right, for a consideration, to do or not to do an act in the future, or to require or not require performance of a future act by another.

Order Confirming Sale - A court order confirming sale of estate property by a personal representative, or other fiduciary.

Ordinance - A legislative enactment of a city or county.

Ostensible - That which is apparent or that which seems to be.

Outlawed - A claim, right, or cause of action unenforceable due to lapse of time.

Overriding Royalty - That interest in unsevered oil and gas retained by a lessee upon occasion of his or her execution of a sublease or assignment.

Overt - Open.

Owner's Policy - A policy of title insurance insuring the title of an owner.

Ownership - The right to use and enjoy property to the exclusion of others.

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