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RMI Holdings Team |
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RMI Holdings, LLC |
118 South Cherry Street |
Ocilla, GA 31774 |
Office: 229-468-4070 |
Fax: 229-468-9497 |
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Real Estate Terms Glossary |
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Online real estate listings |
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Properties listed for sale on the Internet. |
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Open house |
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A marketing tool in which a listing agent opens a house for view. |
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Open listing |
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A property given to a number of brokers to market at the same time. |
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Open space |
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Undeveloped land or common areas in a planned community reserved for parks, walking paths or other natural uses. |
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Option |
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A situation in which a buyer puts down money for the right to purchase a piece of real estate within a set time period but does not have an obligation to buy. |
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Oral agreement |
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Contractual arrangements that are not in writing and are usually not legally binding. |
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Original principal balance |
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The amount of principal owed on a loan before a borrower makes any payments. |
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Origination fee |
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A fee charged by most lenders--also called points--for processing a loan. A point is 1 percent of the total loan amount. |
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Overhang |
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A protruding structural feature. |
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Owner financing |
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A transaction in which the seller of a property agrees to finance all or part of the purchase. |
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