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

Offer
A promise by one party to perform a specified action in return for which the other party in turn may perform a specific action, i.e. a Buyer offers to buy and a Seller agrees to sell on the offered terms.

Open End Mortgage
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions.

Open Listing
An authorization given by a property owner to a real estate Broker wherein said Broker is given the nonexclusive right to secure a purchaser; open listings may be given to any number of Brokers without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer.

Origination Fee
A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.

Owner of Record
The individual(s) named on a deed that has been recorded at the local municipality (courthouse).

Owners Policy
Title insurance for the owner of property, rather than a lienholder.

Ownership
The right to possess and use property to the exclusion of others.