Real Estate Definitions
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.