Real Estate Terms Glossary - O

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

· 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.

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Cara O'Bryant
Realtor Associate
Licensed in Mississippi & Tennessee
901-212-0047

Cara O'Bryant, Realtor

Bob Leigh & Associates Realtors, LLC
6900 Cobblestone Blvd
Southaven, MS 38672
662-890-9696