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Title Insurance Terms & Phrases

Terms and Phrases is Chicago Title's Glossary of definitions, meanings, and descriptions of significance for some of our industry's most often used terms and phrases.

Obiter Dictum
That said in passing.
Office Information
Special information of title significance concerning persons or property maintained by a title company but not necessarily a matter of public record.
Offset Statement
Statement customarily furnished an escrow holder as to the current status of rental accounts, security deposits, and balance due on liens and encumbrances.
Omnibus Clause
Provision in an order for distribution by which any property of a decedent not specifically described is distributed.
Open-End Mortgage
Provision in a mortgage (or deed of trust) by which additional advances of money made by lender to borrower after execution of the security instrument are also secured by it.
Operative Property
Property reasonably necessary to the operation and conduct of a particular business.
Option
A choice; a right, for a consideration, to do or not to do an act in the future, or to require or not require performance of a future act by another.
Order Confirming Sale
A court order confirming sale of estate property by a personal representative, or other fiduciary.
Ordinance
A legislative enactment of a city or county.
Ostensible
That which is apparent or that which seems to be.
Outlawed
A claim, right, or cause of action unenforceable due to lapse of time.
Overriding Royalty
That interest in unsevered oil and gas retained by a lessee upon occasion of his or her execution of a sublease or assignment.
Overt
Open.
Owner’s Policy
A policy of title insurance insuring the title of an owner.
Ownership
The right to use and enjoy property to the exclusion of others.
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