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Glossary
of Real Estate Terms
Glossary for "O"
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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