Real Estate Glossary
| A | B | C |
D | E | F | G |
H | I | J | K |
L | M | N | O |
P | Q | R | S |
T | U | V | W |
Z |
Online real estate listings - Properties listed for sale on the Internet.
Open house - A marketing tool in which a listing agent opens a house for view.
Open listing - A property given to a number of brokers to market at the same time. Typically these properties cannot be submitted to the MLS or be co-mingled with listings that are held exclusively.
Option - A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy. However, if the buyer does not "exercise his option", the option deposit money is generally forfeited to the seller.
Oral agreement - Contractual arrangements that are not in writing and are usually not legally binding.
Original principal balance - The amount of principal owed on a loan before a borrower makes any payments.
Origination fee - A fee charged by most lenders--also called points--for processing a loan. A point is equal to 1% of the total loan amount.
Overhang - A protruding structural feature.
Owner financing - A transaction in which the seller of a property agrees to finance all or part of the purchase.
