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Obligation to preserve goods

The person having the assets of the deceased in its possession is obliged to preserve them until the Probate Court makes a decision on how to administer the estate. Any person who knows that the assets of the deceased are not properly preserved is under an obligation to notify the Probate Court, cf. section 8 of the Danish Administration of the Estates of Deceased Persons Act.

Obligation to remedy a lack of conformity In certain rental properties, a seller must first offer the lessees to buy the property on a co-operative basis before he/she may sell it to somebody else, cf. section 100 of the Danish Rent Act. When, according to a conveyance, the property sold is a rental property, the land registry must check that the obligation to submit an offer has been met. This is done by the seller declaring in the conveyance that the obligation to submit an offer has been met.

Obligation to submit an offer In certain rental properties, a seller must first offer the lessees to buy the property on a co-operative basis before he/she may sell it to somebody else, cf. section 100 of the Danish Rent Act. When, according to a conveyance, the property sold is a rental property, the land registry must check that the obligation to submit an offer has been met. This is done by the seller declaring in the conveyance that the obligation to submit an offer has been met.

On account Partial payment.

Opening balance sheet Presentation of the asset and liabilities of the estate of a deceased person at the time of his/her death, cf. sections 25(5), 33(3), and 52 of the Danish Administration of the Estates of Deceased Persons Act and section 13 of the Danish Inheritance Act.

Operating permit Permission to start using the building.

Order The court’s rulings can be made by judgment, order or decision.

Order debt instrument

Debt instrument that meets one of the following conditions, cf. section 11 of  the Danish Instruments of Debt Act:

  • which is for payment to bearer or does not state to whom the debt is to be paid (bearer debt instruments), 
  • which is for payment to a specified person or order (order debt instrument), which provides a mortgage on real property or a registered vessel or aircraft unless the words »not to order« or similar reservations are included in the instrument of debt, or which is for payment to a specified person (name debt instrument) if the instrument unambiguously states that it is to be a negotiable debt instrument.
Ordinary debt instrument A debt instrument where the debtor retains all objections even if the debt instrument is assigned by the creditor to other persons – in contrast to a negotiable debt instrument.

Ordinary guarantee The guarantor is not liable until it is proved that the debtor is unable to pay.

Ordre public The court’s right not to apply foreign law which is in contravention of fundamental Danish principles of law. Ordre public (or public order) is known from several conventions as a sort of ‘emergency brake’.

Original tripartite conditions When the purchase price is financed by a third party as agreed between the seller and this third party. Is used for, e.g., financing offers at the seller. In relation to a financier in an original tripartite relationship, the buyer will retain the buyer’s objections in respect of the seller.

Other party to a contract Alternative term for a party entering into an agreement.

Own earnings A minor may deal with his/her own earnings after his/her 15th birthday. For a legally incapacitated adult, this applies after incapacitation.

Owner’s cost Total cost of owning a specific property including, for example, interest and repayments, insurance policies, property tax.

Owner’s mortgage Ranking among the charges of a property which gives the owner the opportunity to grant a mortgage on the property to himself.

Owner-occupied flat A flat owned by the individual owner. The owner-occupied flat is a piece of real property. All owners of the owner-occupied flats jointly own common facilities such as land and loft.

Ownership reservation When a seller in a contract wishes to control the property sold until the purchase price has been paid.


 

Til top Sidst opdateret: 11-01-2010 
DomstolsstyrelsenseperatorStore Kongensgade 1-3seperator1264 København K.seperatorEmail: Se alle adresser her