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Real Estate Glossary - O

A B C D E F G H I J K L M N O P Q R S T U V W X Y 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.
  • 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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