A | B | C | D | E | F | G | H | I | JK | L | M | N | O | P | Q | R | S | T | U | V | W | YZ |     Home Oath An affirmation that binds someone legally and morally. Offset Statement A statement by a lien holder to a buyer stating the balance due on existing liens against the property being purchased. One-Year Adjustable A mortgage program where the annual rate changes yearly. Open-End Mortgage A loan amount that can be increased upon mutual agreement of the lender and the borrower. Operations and Maintenance Plan Program A plan set forth to mitigate and remedy a known or potential environmental issue for instance, asbestos contamination. Oftentimes referred to as an "O&M plan." Option The right to buy or sell property or sign a contract, based upon certain terms and conditions. Usually applicable to specific time frames during which the 'option' may be exercised. Original Principal Balance The total amount of principal owed on a mortgage before any payments are made and without added interest. Origination Fee A fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the amount loaned, such as one percent. Owner Financing A property purchase transaction in which the property seller provides all or part of the financing. Owner Occupied 'Owner Occupied' means the property is the owner's primary residence. Ownership The right to enjoy and use property to the exclusion of others.