Real Estate Glossary

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Obsolescence: A loss in value of real property caused by changes either internal or external to the property. 

Offer and Acceptance: A contract used in the sale of real property.

Offer to Buy: An agreement between owner and purchaser as to the price, terms, conditions and date of occupancy.

Open End Mortgage: A mortgage that permits an increase in an outstanding balance in order to advance additional loan funds to the borrower, up to the original sum of the note.

Open Listing: An authorization given by a property owner to a real estate agent who does not have an exclusive right to secure a purchaser and is not owed commission if he or she doesn't sell the property.

Option: A right given for a consideration to purchase or lease a property under specified terms within a specified time. 

Oral Contract: A verbal agreement.

Original Principal Balance: The total amount of principal owed on a mortgage before any payments are made. 

Origination Fee: The total number of points the borrower pays; A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan. 

Owner Financing: A property purchase transaction where the property seller provides financing.