Home » Glossary Labels » The O’s Of Real Estate

The O’s Of Real Estate

REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA

A l B l C l D l E l F l G l H l I l J l K l L l M l N l O l P l Q l R l S l T l U l V l W l X l Y l Z l 0-9
(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.

Go To Top Of Page

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.

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

Tags: , , , , , , , , ,

Leave a Reply