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.
