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Terminology: O

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Terminology: O

Open listing
A contract under which the broker is commissioned to find a buyer before the property is sold by the seller or another competing broker.
Option
The agreement to keep an offer to purchase or lease open for a specific period of time.
Option listing
An agreement by which the broker advertising the property has the right to purchase the listed property himself.
Origination fee
A fee paid to the lender for processing a loan application.
Owner financing
A property transaction for which the seller provides all or part of the financing to the buyer.
Owner's Title Insurance
A policy insuring the full purchase price of a piece of property for the buyer, usually including adjustments for inflation each year up to a maximum of 150% of the original policy amount, the premium for which is payable at the time of closing.
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