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Offer
An expression of willingness to purchase a property at a specified price and terms.
In real estate an offer is made by either party to the other party.
Open House
A method of showing a home for sale whereby the home is open for inspection for interested buyer's.
Option to Purchase
A contract that gives one the right, but not the obligation,
to buy a property, within a certain time, for a specified price, and subject to specified conditions.
Ordinances
Municipal (local) rules governing the use of land.
Original Principal Balance
The total amount of principal owed on a
mortgage
before any payments are made.
Origination Fee
A fee paid to a lender for processing a
loan application.
The origination fee is stated in the form of points.
One point is 1 percent of the
mortgage amount.
Owner Financing
A property purchase transaction in which the property seller provides all or part
of the financing.
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