Online real estate listings

Online real estate listings are listings of properties for sale located on the Internet. Online real estate listings may be in a number of locations.  For example, listings may be located on websites which specialize in real estate listings, and only provide information regarding homes that are available for sale; these sites often have search features that allow home buyers to search for properties according to their own specifications.  Real estate brokerages also offer online real estate listings on their websites, but commonly focus on only those properties listed by their agents.  Furthermore, newspapers frequently list available properties in their online classified sections much as they do in their hard-copy publications.

Open house

An open house is an event that is used as a marketing tool in the process of the sale of a property.  In an open house, the listing agent for the available property opens a house for view to potential purchasers.  Open houses usually happen for several hours, often on a weekend day when prospective buyers are more likely to have time to stop in and see the property.  The listing agent or his or her representative is available at the property to answer questions from potential purchasers and to highlight the amenities associated with the property to encourage purchase offers to be made.  The seller of a property is usually not present during an open house, in order to encourage visitors to ask questions and make comments without feeling uncomfortable in the presence of the property owner.

Open listing

An open listing is a property which is given to a number of brokers to market at the same time.  Unlike an exclusive listing, which may be marketed for a contractually agreed-upon duration of time by only a single broker, open listings allow multiple brokers to take part in the marketing of the property, including listing the property through their respective agencies, advertising the availability of the property, and hosting open houses.   Open listing contracts usually specify that the particular broker who brings about the sale of the property is the one entitled to the commission on the sale of the property; the other brokers may or may not charge the seller a fee for their involvement.  Open listings are most common in instances where a property is particularly unique or especially likely to demand a high price, because brokers are willing to get involved with the prospect of a quick sale and a high commission.

Open space

Open space is any undeveloped land or common area located in a planned community that is reserved for parks, walking paths, or other natural uses.  Most planned communities are developed so that the locations of residences are planned out among the available land, and open spaces are specified in the development plans as placed among the residential areas to allow for their enjoyment by all residents of the community.  Open spaces are most often maintained, either by permanent employees of the community or by landscaping and other professionals who are hired on a per-job basis, through funds gathered from the home owners of the community on a monthly, semi-annual, or annual basis, usually by a neighborhood homeowners´ association.

Option

An option is a situation in which a buyer puts down some agreed-upon amount of money for the right to purchase a piece of real estate within a set time period, but does not have an obligation to buy that real estate.  The option payment is given to the seller in exchange for a contractually-binding promise by the seller not to offer the property for purchase to any other prospective buyers during the set time period.  At the end of the time period, if the buyer chooses not to purchase the real estate, the seller is free to re-list the property as available for sale.  The seller is entitled to keep the option payment if the buyer opts not to purchase the property; if the buyer does follow through with the transaction at the end of the period, the option price is usually applied against the full purchase price of the home.

Oral agreement

An oral agreement is a contractual arrangement that is not in writing.  Sometimes, oral agreements are acceptable.  However, oral agreements for the purchase or sale of real estate are usually not legally binding.  Because real estate is continued to be especially unique property and not easily substituted in the event of a breach of contract, and because of the amount of money typically invested in the transaction of real estate, contracts are required to be in writing and signed by the parties to the transaction, to ensure that there is documentation of the agreed-upon arrangement in the event of one party´s breach of the contract.

Original principal balance

An original principal balance is the amount of principal owed on a loan before a borrower makes any payments.  Over the course of the term of the loan, often 30 years for a conventional home mortgage, each payment that is made by the borrower to the lender includes part principal payment against the original loan and part interest payment, at some contractually- or market-established interest rate, which acts as a fee collected by the lender for issuing the loan to the borrower.  The original principal balance is the total amount that the borrower has borrowed from the lender, with no interest rate applied.

Origination fee

An origination fee is a fee that is charged by most lending institutions for the processing of a loan.  An origination fee is also referred to in terms of "points," where one point is the equivalent of 1 percent of the total loan amount.  For example, a home mortgage in the amount of $200,000 often is associated with a loan origination fee of $2,000, or one percent of the total loan amount.  The origination fee on a loan is paid to the originating lender to cover all costs associated with the creation of the mortgage account, the steps in processing the loan, and the closing of the mortgage.

Overhang

An overhang is any protruding structural feature on a home or other building.  Overhangs extending from the roof of a home are useful for keeping unwanted light out or preventing sun from overheating a home.  In addition, overhangs can help protect a home from moisture damage by keeping out excess precipitation.  When located over an entry door to a home, an overhang can protect the door from natural elements, minimizing the need for maintenance or repairs.  In some cases, overhangs are used for aesthetic purposes as well, to enhance a home´s visual appeal.

Owner financing

Owner financing refers to a transaction in which the seller of a property agrees to finance all or part of the purchase of the property.  Owner financing usually occurs when the seller is in a rush to sell his or her property, and when the prospective purchaser of the property is short on cash and would not otherwise be able to be party to the transaction.  Unlike the normal situation, in which a mortgage company is involved in the purchase, in an owner financing scenario the buyer of the property makes payments directly to the seller, allowing for savings on closing costs and other expenses.  However, a seller who personally finances a purchase of his property runs a greater risk of loss if the buyer defaults on payment.