Occupational Boundary

As applied to adverse possession of Real Property Act land, an occupation that represents or replaces an original boundary of a whole parcel.

Occupations

Physical features such as walls and fences associated with boundaries limiting the extent to which a parcel of land is occupied.

Official Trustee in Bankruptcy

An official appointed to manage the affairs of a bankrupt.

Old System Land

Land alienated from the Crown prior to 1863 and not yet brought under the provisions of the Real Property Act 1900. As the State of New South Wales does not guarantee title to Old System land, purchasers must carefully examine the chain of title for a land parcel to ensure that the seller is the valid title holder and to know what reservations and encumbrances affect the land.

Ordinary Folio

A folio of the Register that is not a qualified folio or a limited folio.

Orientation

The alignment of directions in relation to a specified origin - see also Azimuth.

Overlap of Deeds

The situation arising where the metes and bounds descriptions of two parcels of land which nominally adjoin are in conflict, so that the deed for each includes land comprised in the other.

Owners Corporation

Comprises all proprietors of the lots from time to time in a strata scheme. They are responsible for the upkeep and maintenance of the building and other common property and the general finance and management of the scheme.

Off the plan

When you buy off the plan, you are buying a property before it is built, having only seen the plans. This is commonly used for apartments or units under construction or about to be built.

Occupancy Expenses

Includes all expenses related to the premises and associated costs (rent, maintenance, repair, utilities etc.).

Operating Expenses

The sum of all expenses associated with the normal course of running a business. Generally can be categorized as Selling Expenses, Occupancy Costs, Administration Expenses and depreciation.