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Real Estate Terms starting with (O)

The Following are real estate terms and topics: Starting With the Letter (O)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms O

Real Estate Terms O

Online real estate listings
Properties that are listed for sale on the Internet.

Open house
A marketing tool in which a listing agent opens a house to the public for viewing.

Open listing
A type of listing agreement in which more than one real estate agent may be employed to sell the property. The owner pays a commission only to the agent who finds the buyer.

Open space
Undeveloped land or common areas in a planned community reserved for parks, walking paths or other natural uses.

Option
The right to buy or sell property at an agreed price; the right is purchased and if it is not exercised by a stated date the money is forfeited

Oral agreement
A verbal or spoken agreement. This type of agreement is legal, but because it is unwritten it is harder to prove.

Original principal balance
Actual amount loaned to the prospective homebuyer.

Origination fee
Fee charged by a lender to cover administrative costs of processing a loan. It usually includes the cost to prepare loan documents, check the borrower’s credits history, inspect the property and may also include cost of appraisal.

Owner financing
Instead of paying a mortgage company, you pay the owner, who finances the purchase of the home. This allows for lots of flexibility.

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