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March 30, 2007

 
1575 Sarno Rd., Melbourne, FL 32935 Phone: (321) 254-1943

 Glossary of 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 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.