Real Estate Glossary: Terms starting with letter 'O'
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Option: The rights to buy, sell or lease a property at a certain price for a limited period of time. If the terms of the agreement allow it, the option itself may be bought or sold.
Original principal balance: The total amount of principal owed on a mortgage before any payments are made.
Origination fee: A fee paid to a lender for processing a loan application. The origination fee is stated in the form of points. One point is 1 percent of the mortgage amount.
Owner financing: A property purchase transaction in which the property seller provides all or part of the financing.