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Real Estate Glossary

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O

  • Offer - Indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

  • Origination - The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

  • Origination Fee - The charge for originating a loan; is usually calculated in the form of points and paid at closing.

  • Owner Financing - A property purchase transaction in which the property seller provides all or part of the financing.



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