REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
(Click A Letter Or Scroll Down To Find A Term Starting With That Letter)
Get To Know The “O’s” Of Real Estate
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indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.
the total principal owed on a mortgage prior to any payments being made.
the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.
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.
a home purchase where the seller provides all or part of the financing, acting as a lender.
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.
the insurance policy that protects the buyer from title defects.
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.
The one to whom a debt is owed.
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.
If you have any questions whatsoever regarding the sale or purchase of a property in the Central Florida area please feel free to call or write me direct. My business hours are Monday thru Friday 9am – 6pm.
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