Real Estate Dictionary

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