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Obsolescence: A loss in value of real
property caused by changes either internal or
external to the property.
Offer and Acceptance: A contract used in
the sale of real property.
Offer to Buy: An agreement between owner
and purchaser as to the price, terms, conditions
and date of occupancy.
Open End Mortgage: A mortgage that
permits an increase in an outstanding balance in
order to advance additional loan funds to the
borrower, up to the original sum of the note.
Open Listing: An authorization given by a
property owner to a real estate agent who does
not have an exclusive right to secure a
purchaser and is not owed commission if he or
she doesn't sell the property.
Option: A right given for a consideration
to purchase or lease a property under specified
terms within a specified time.
Oral Contract: A verbal agreement.
Original Principal Balance: The total
amount of principal owed on a mortgage before
any payments are made.
Origination Fee: The total number of
points the borrower pays; A fee or charge for
work involved in the evaluation, preparation and
submission of a proposed mortgage loan.
Owner Financing: A property purchase
transaction where the property seller provides
financing. |
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