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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 |
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Option |
The agreement to keep an offer to purchase or
lease open for a specific period of time |
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Option listing |
An agreement by which the broker advertising the
property has the right to purchase the listed property himself |
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Origination fee |
A fee paid to the lender for processing a loan
application |
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Owner financing |
A property transaction for which the seller
provides all or part of the financing to the buyer |
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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 |
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