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.