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Occupancy Rate
Refers to the number of units or space occupied in a building to the total number of units or space available.

Offer to Purchase
An Offer to Purchase (also known as Real Estate Purchase Contract) is the contract a property buyer will write for submission to a property seller. It contains the date of the offer, the description of the property being offered on, the amount of the deposit, the purchase price being offered, down payment and financing details, as well as the buyer's name and address, and the name and address of the seller, subject-to clauses, conditions, closing dates, and any special requirements you want to impose on sellers (for example, you want the kitchen appliances). See also Conditional Offer.

Officer of the Condominium Corporation
An individual serving on the Board of Directors for a condominium corporation who has specific duties and responsibilities as outlined under the Condominium Property Act. An individual holding the title of President, Vice-President, Treasurer or Secretary is an officer of the condominium corporation.

Off-Site Condominium Manager
A condominium manager whose office and/or residence are located away from the condominium he or she is working with.

On-Site Condominium Manager
A condominium manager who has a dedicated space to hold office hours and/or possesses a residence in the condominium.

Open Mortgage
A mortgage that can be paid off early without any penalties or fees attached.

Operating Fund
Cash and cash equivalents used to pay for the regular, recurring (i.e. weekly, monthly or annually) expenses of the condominium.

Opposing Interests
When the interests of clients represented by the same brokerage oppose one another in the same real estate transaction or potential transaction.

Order
A decision made by a court or other decision-making entity that may or may not be the final outcome of the matter.

Order of Possession
A court order that enables the applicant to occupy vacated premises. Typically, an order of possession is obtained by a mortgagee to take possession of the mortgages premises when in default or by an owner who seeks to have illegal occupants removed from the premises. In the case of residential tenancies there are special provisions as prescribed in the Residential Tenancies Act. Also see Residential Tenancies Act.

Ordinary Resolution
A resolution for which a vote is conducted by a show of hands. A majority consists of more than 50% of eligible voters.

Origination Fee
A fee paid to a lender for processing a mortgage loan application. 

Owner Occupied
A property used as a self-contained domestic property occupied by the owner and used as the primary place of residence.


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