Glossary

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OCCUPANCY – Having possession of property. Physically taking and holding it and residing thereon as a tenant or owner.

OCCUPANCY PERMIT – A document, issued by a private or council building surveyor to show that the building is suitable for occupation. It is not evidence that the building complies with the Building Act or the Building Regulations.

OLD SYSTEM TITLE –The common law system of title in use before the Torrens system. On the sale of property Old system title is converted to the new system.

ON SITE AUCTION – Auction sale held on premises being offered for sale or chattels being offered at the owners residence as distinct from an auction held at the premises of the auctioneer or auction rooms.

OPEN AGENCY AGREEMENT – When any number of agents may market the vendor's property for sale.

OPTION – A right given for a consideration to purchase property on or before a fixed date, on terms previously agreed upon.

OUTBUILDINGS – Any building other than the main structure on a particular allotment of land. E.g. a garage, workshop etc.

OVERIMPROVEMENTS – Improvements so costly or so large as to produce a residual land value lower than the residual land value which could have been produced on the same site by a less costly or smaller improvement. Also known as overcapitalisation.

OWNERS CORPORATION – The owners corporation (previously known as the body corporate) is the body who controls the administration of common property in strata title building. The members of the owners corporation are the owners of each unit in the building.

OWNERSHIP – The right to possess and use property to the exclusion of others.