Obligee:
A person to whom a legal obligation or duty is owed; for example, the payee of a note.

Obligor:
A person who has placed himself under a legal obligation; for example, the maker of a note.

Offset Statement:
See Beneficiary Statement.

Open-End Clause:
A clause that permits the outstanding balance of the loan to be increased by the borrower under the provisions outlined in the agreement.

Open End Deed of Trust or Mortgage:
A trust deed or mortgage that secures not only that original debt but also future advances made after the date of the trust deed or mortgage.

Option:
A Contract that gives one party (the optionee) the right to enter some type of contract upon specified terms with another party (the optionor). Usually, the right to buy the optionor's property or note for a particular price.

Owner financing:
A type of financing in which the seller of a tangible item accepts a promissory note as a portion of the purchase price. Also called seller financing.