The process of becoming obsolete or outdated and no longer used. Obsolescence is an integral part of basic steps to establish value and makes a property less desirable and less valuable for continued use in the marketplace.

Obsolescence is generally sorted in two categories:
Functional (curable or incurable); and
External (economic or location obsoloscence).

Occupancy Rate:
In real estate this is the number of units or space occupied in a building to the total number of units or space available.

Offer of Purchase and Sale:
A written contract through which the prospective buyer sets out the price and conditions under which he or she will buy the property. Upon acceptance by the seller, it forms a contract, which will form the basis for the final document to be prepared by a lawyer or notary.

Open Mortgage:
A mortgage which can be prepaid at any time, without penalty.

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

Option Agreement:
A document stipulating that, in exchange for a deposit, a specified individual is to be given first chance of buying a property within a specified period of time. If the option-holder does not buy within a specified period of time, he loses his deposit.

Overnight Rate:
The interest rate at which large banks borrow money, short term, among themselves.

Owner Occupied:
A property occupied by the owner and used as the primary place of residence.

Electrical Safety

Electrical Safety

To most of us, electricity is simply flicking a switch or turning a dial to light up a room, cook supper or get instant entertainment. We take it for granted -- that is, until there's a power failure and we have to scramble to find flashlights, candles and matches in the dark.

Seller Info

Seller Info

If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about sale process so you can maximize your chances. Read more...


Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”

Marshall Field