A lease contract providing for a final additional payment on the return of the property to the lessor, adjusted for any value change.
Open-end loan
A loan where the borrower may add to the principal without renegotiating the terms of the loan. Additional sums borrowed under the terms of an open-end loan will have the same rate of interest and life of loan terms as the original loan. A home equity loan is often open ended.
Open-end mortgage (deed of trust)
A mortgage or trust deed that can be increased by the mortgagee (borrower). The mortgagee may secure additional money from the mortgagor (lender) though an agreement which typically stipulates a maximum amount that can be borrowed.
Open-end wrench
A wrench with a head designed to fit over a specific size nut or bolt.
Open-loop system
A heating system, such as a solar water heater or geothermal heat pump, in which the working fluid is heated and used directly; in an open-loop solar system, the domestic water is circulated in the collector loop.
Opening escrow
The deposit given by a buyer of property is delivered to the escrow agent, who retains it for the seller.
Operating cost
The cost of running a water heater for a given time period.
Operating cycle
The processes that a work input/output system undergoes and in which the initial and final states are identical.
Operating expense ratio
Mathematical equation obtained by dividing operating expenses by gross income.
Operating expenses
Amounts paid to maintain property, such as property taxes, utilities, hazard insurance, repairs, maintenance, legal, management fees, etc.
