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The O’s Of Real Estate


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(Click A Letter Or Scroll Down To Find A Term Starting With That Letter)

Get to know the language of real estate to get better results when buying or selling a home in the Orlando area

Get To Know The “O’s” Of Real Estate

+/- Click A Term To Read Its Definition – Expands Answer In This Same Window – Click Again To Collapse

+/- Offer

indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

+/- Original Principal Balance

the total principal owed on a mortgage prior to any payments being made.

+/- Origination

the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

+/- Origination Fee

the charge for originating a loan; is usually calculated in the form of points and paid at closing. One point equals one percent of the loan amount. On a conventional loan, the loan origination fee is the number of points a borrower pays.

+/- Owner Financing

a home purchase where the seller provides all or part of the financing, acting as a lender.

+/- Ownership

ownership is documented by the deed to a property. The type or form of ownership is important if there is a change in the status of the owners or if the property changes ownership.

+/- Owner’s Policy

the insurance policy that protects the buyer from title defects.

+/- Open Listing Agreement

An open listing can be given to any number of real estate brokers without liability to pay a real estate commission except to the broker/agent who secures a buyer first who is will.

+/- Obligee

The one to whom a debt is owed.

+/- Obligor

The one that owes a debt.

Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.

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Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.

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