Online real estate listings Properties
listed for sale on the Internet.
Open house A marketing tool in which a
listing agent opens a house for view.
Open listing A property given to a number
of brokers to market at the same time.
Open space Undeveloped land or common areas
in a planned community reserved for parks, walking paths
or other natural uses.
Option A situation in which a buyer puts
down money for the right to purchase a piece of real
estate within a set time period but does not have an
obligation to buy.
Oral agreement Contractual arrangements
that are not in writing and are usually not legally
binding.
Original principal balance The amount of
principal owed on a loan before a borrower makes any
payments.
Origination fee A fee charged by most
lenders--also called points--for processing a loan. A
point is 1 percent of the total loan amount.
Overhang A protruding structural feature.
Owner financing A transaction in which the
seller of a property agrees to finance all or part of
the purchase.
