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Real Estate / Mortgage Glossary : O
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Offline Debit Card
Cards that share traits of both ATM and credit cards. Offline debit cards have the VISA or MasterCard logo on them and can be issued by a bank, either instead of or in addition to an ATM card. These cards can be used at any establishment that displays the VISA or MasterCard logo, but using them doesn't access a line of credit -- it debits a customer's chequing account. It is "offline" because the account isn't directly accessed -- there's a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to conclude the transaction, it was offline. In the Canada, a Personal Identification Number (PIN) may be required to use an offline debit card.
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On-Us Item
Payment that is deposited at the same financial institution on which it was drawn or written, e.g., a cheque that was written by one customer of a bank and deposited by the recipient at another branch of the same bank. These items are not cleared between institutions and therefore are generally not represented in statistics of payments exchanged between financial institutions in the clearings.
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One-year Adjustable
Mortgage whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin, chosen by the lender.
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Online Banking
Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
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Online Bill Payment
A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
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Online Debit Card
An online debit card deducts funds from the bank account immediately, as soon as the card is used. It may have the VISA or MasterCard logo, or only the issuing bank's logo, like an ATM card. There is no delay for processing the transaction -- the money is immediately deducted from your account.
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Open-end Lease
Sometimes called a finance lease. It usually offers lower payments, but carries a risk for the consumer. Under an open-end lease, the lessee must pay any difference between the residual value of the car as stated in the lease and the fair market value of the car, if lower, at the end of the lease. The lessor pays for the appraisal that sets the value. If the consumer doesn't agree with it, the consumer may pay for a binding, independent appraisal by someone agreed to by both parties.
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Open House
A selling tool in which a real-estate agent advertises a property for sale and invites people to visit without making an appointment.
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Open Listing
A property that a number of brokers can market and sell for a commission.
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Open Mortgage
A mortgage that can be paid off prior to maturity without penalty.
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Operating Loan
A loan intended for short-term financing, supplying cash flow support or to cover day-to-day operating expenses.
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Option
A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
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