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Ocean Bill of Lading

A receipt for the cargo and contract for transportation between a customer and an ocean carrier between points and/or ports as stated on the document. It can either be negotiable or non-negotiable.

Offer

A written proposal made by the potential buyer to the seller in the purchase of property.

Open Listing

Unlike the exclusive right to sell listing, this gives the opportunity of securing a purchaser to a number of real estate brokers without the disadvantage of compensating any agent except the one who secures a buyer or acceptance by the seller.

Open Mortgage

Gives the borrower the ability to make a partial or full payment of the principal at any time and without penalty.

Open-End Mortgage

An expandable mortgage allowing the mortgagor to borrow more money without rewriting the initial mortgage.

Operating Authority

The government permit that defines the scope of a carrier's operation by area and commodity.

Opinion of Value

See Broker Price Opinion.

Option

The right to purchase a property under certain conditions, time limitations and a designated price.

Oral Contract

A verbal agreement.

Origin

The beginning location from which a shipment is transported.

Origin Dispatch

Area dispatch office servicing the region in which a shipment originates.

Origin Service

A service like packing, arranging for appliance servicing and maid service provided by the origin agent at the origin of a shipment.

Origination Fee

A onetime fee for the cost of a mortgage application. Also called Mortgage Service Charge.

Overage

The accidental delivery of an item to a customer or warehouse when the item actually belongs to someone else. All overages should be reported immediately to Matco Moving Solutions so that it can be returned to the rightful owner.

Overcharge Claim

A claim filed by a customer regarding transportation charges, packing or other services, rather than property damage.

Overflow (OF)

The portion of a shipment that cannot be loaded on one van or into one container due to lack of available space. Another van is assigned to load overflow portions.

Over-Improvement

An improvement made to land that is not the highest and best use because of its excess cost or size.

Overseas Premium

See Foreign Service Premium.

Owner-Operator

The driver, operator or the legal owner of the tractor.

Owner's Title Insurance

See Title Insurance.