Glossary of Terms
Mortgage. Real Estate & Insurance
- Offering Plan
- An Offering Plan, also known as a Prospectus, is a document issued by a sponsor in the process of converting a building to cooperative or condominium ownership (or developing a new building). Its purpose is to provide full disclosure of all relevant data associated with evaluating an investment in the property.
- Operating Expenses
- Costs of maintaining an investment property, including expenses for electricity, gas, fuel oil, water/sewer, trash removal, pest control, license fees, painting/decorating, general repairs/maintenance, supplies, casual labor, professional management fees, and replacement reserves.
- Owner of Record
- Entity that appears in the public records as the owner of a mortgage; usually the mortgage originator, unless the mortgage is subsequently assigned to someone else and that assignment is recorded.