Word | Definition |
Offset Statement | A statement obtained from the owner of real property to verify the loan balance, interest rate, interest paid to date and maturity date with respect to the loan being taken over by another purchaser.
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Online real estate listings | Properties listed for sale on the Internet.
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Open space | Undeveloped land or common areas in a planned community reserved for parks, walking paths or other natural uses.
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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.
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Oral agreement | Contractual arrangements that are not in writing and are usually not legally binding.
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Ordinance | A legislative enactment of a City or a County.
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Original principal balance | The amount of principal owed on a loan before a borrower makes any payments.
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Origination Fee | Charges to the borrower such as credit reports, appraisal fees, title insurance and other costs of issuing the loan.
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Owner financing | A transaction in which the seller of a property agrees to finance all or part of the purchase.
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