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Glossary terms starting with the Letter O

TermDefinition
Oral Contract</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A spoken agreement, as opposed to a written one.

Origination fee</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.

Owner financing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A property purchase transaction in which the property seller provides all or part of the financing.

o.c.</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
Abbreviation for "on center," meaning that the spacing of framing members is measured from the center of one member to the center of the next, rather than the clear spacing between members.

Ogee</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
An S-shaped curve.

Oil-based caulk</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A low-range sealant made with linseed oil.

One-way action</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
The structural action of a slab that spans between two parallel beams or bearing walls.

One-way concrete joist system</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px)
A reinforced concrete framing system in which closely spaced concrete joists span between parallel beams or bearing walls.

One-way solid slab</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A reinforced concrete floor or roof slab that spans between parallel beams or bearing walls.

Open-truss wire stud</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
A wall framing member in the form of a small steel truss.

Open-web steel joist</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
A prefabricated, welded steel truss used as closely spaced intervals to support floor or roof decking.

Ordinary construction</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
A building type with exterior masonry bearing walls and an interior structure of balloon framing.

Organic soil</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
Soil containing decayed vegetble and/or animal matter; topsoil.

Oriented strand board (OSB)</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}
A building panel composed of long shreds of wood fiber oriented in specific directions and bonded together under pressure.

Oxidation</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
Corrosion; rusting; rust.

land development glossary