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Term Definition
ObligeeOne to whom an obligation (promise) is owed.
 
ObligorOne who legally binds (obligates) oneself, such as the maker of a promissory note.
 
Original CostThe purchase price of property, paid by the present owner. The present owner may or may not be the first owner.
 
Owner's PolicyA policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against or unmarketability of the owner's title.
 
OwnershipThe right to possess and use property to the exclusion of others. 
 


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