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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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Official Receiver : An officer of the court and civil servant, who deals with bankruptcies and compulsory company liquidations.

Offer Expires : This is the date of expiry of credit card validity. Even after the expiry date a consumer may enjoy certain rights which the credit card company allows him to.

Open-end Credit : A line of credit that may be used repeatedly, including credit cards, overdraft credit accounts, and home equity lines.

Open-end Lease : A lease agreement in which the amount you owe at the end of the lease term is based on the difference between the residual value of the leased property and its realized value. The lease agreement may provide for a refund of any excess if the realized value is greateer than the residual value. In an open-end consumer lease, assuming you have met the use and wear standards, the residual value is considered unreasonable if it exceeds the realized value by more that three times the base monthly payment (sometimes call the "three-payment rule").

Origination Fee : The amount charged by a lender or a creditor to meet the administrative costs incurred during the processing of a loan.

Overdraft Checking : A line of credit that allows you to write checks or draw funds by means of an EFT card for more than your actual balance, with an interest charge on the overdraft.

Owner Financing : Real or personal property purchase that is partly or wholly financed by the seller.

Owner's Title Policy : A policy protecting the buyer for the amount of the purchase price in the event of a future title dispute.


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Index of Terms | Complete List of Terms


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