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Glossary of Real Estate Terms
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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 orcommon 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 one 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. |
