|
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 |