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Glossary of Real Estate Terms (on-ow)
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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.
Open space
- Undeveloped land or common areas in a planned community
reserved for parks, walking paths or other natural uses.
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.
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 1 percent 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.
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