Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Open House
Used as a way to show a home to prospective buyers and those who are interested in making a purchase. The home is left open and an appointment is not necessary.
Open End Mortgage
Allowing a mortgagor to obtain more money under the same mortgage. There may be some conditions and stipulations to follow however.
Origination Fee
Fee charged in for the service of originating a mortgage loan.
Oral Contract
An agreement about sale, or conditions of sale, for property made verbally.
Owner of Record
A person's whose name appears on the deed which has been noted at the county's office of record.
Owner Occupant
Property which is inhabited by a resident who owns the property.
