Glossary of Real Estate Terms

There are 125 entries in this glossary.
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O

Term Definition
Open Listing

When a property is given to a number of brokers to market at the same time, it is called Open Listing. Normally, who ever sells the real estate earns commission.

Operating expense

The real costs related to operate a property, including maintenance, repairs, management, utilities, taxes, insurance and others is called Operating expense.

Option

This means the right to purchase a piece of real estate within a fixed time period without any obligation to buy it. If you rent, you may have in your lease an option to buy.

Original principal balance

The sum amount of the principal which is owed on a mortgage before any payments are made is called the Original principal balance.

Origination Fee

Origination Fee is imposed on a government loan. This is one percent of the loan amount, but additional points may be charged. These are called "discount points." One point equals one percent of the loan amount. When it is imposed on conventional loan, the loan origination fee refers to the total number of points a borrower pays.

Owner financing

This is a property purchase transaction where the property seller provides all or part of the financing.

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