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OBLIGATION

That which a person is bound by a promise, contract or by law to do.

OBLIGOR

Person who owes the obligation secured.

ODOMETER EXCEEDS MECHANICAL LIMITS

Under the Federal Truth in Mileage Act, the seller must indicate when a vehicle's mileage reading exceeds the mechanical limits of the odometer. For some older vehicles, the odometer was designed to rollover after reaching 99,999 miles.

ODOMETER READING FROM AUTO DEALER

Actual reading was provided by an independent source from an auto dealer.

ODOMETER READING FROM INDEPENDENT SOURCE

Odometer reading was provided by an independent source.

ODOMETER ROLLBACK EVIDENCE

The odometer mileage reported to the DMV on a given date is less than the mileage previously reported to the DMV at an earlier date.

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.

ORGANIZATION

includes a corporation, government or governmental division or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.

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.