Chicago Illinois Homes For Sale, Chicago IL Real Estate
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- Online real estate listings Properties listed for sale on the Internet.
- Open house A marketing tool in which a listing agent opens a house for view.
- Open listing A property given to a number of brokers to market at the same time.
- Open space Undeveloped land or common areas in a planned community reserved for parks, walking paths or other natural uses.
- Option 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.
- Oral agreement Contractual arrangements that are not in writing and are usually not legally binding.
- Original principal balance The amount of principal owed on a loan before a borrower makes any payments.
- Origination fee A fee charged by most lenders--also called points--for processing a loan. A point is 1 percent of the total loan amount.
- Overhang A protruding structural feature.
- Owner financing A transaction in which the seller of a property agrees to finance all or part of the purchase.
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