| OCCUPIER |
|
A
person in possession of land. The word usually refers to a tenant,
but in some contexts can also mean an owner. |
|
| OLD
SYSTEM TITLE |
|
Title
to land which is not yet under the Torrens system. Title has
to be proved in a cumbersome and expensive fashion by a series
of documents which link the original Crown grant and all subsequent
transfers. |
|
| ONEROUS
LEASE |
|
A
lease which imposes more disadvantages than advantages on the
lessortages than advantages on the lessor |
|
| ONO |
|
Or
nearest offer. |
|
| OPTION |
|
The
right but not the obligation to purchase land at a defined price
by a specified date. |
|
| OUTGOINGS
|
|
Expenditure
relating to a property, such as rates, land tax, insurance
premiums and body corporate charges, which may or may not
be passed on a lessee.
|
|
| OVERDRAFT |
|
The
facility to borrow funds from a bank through writing cheques
on a cheque account for more than has been deposited into it. |
|
| OVERHOLDING |
|
The
state of affairs when a lessee remains in occupation of a property
after the formal expiry date of a lease without executing a
new lease |
|
