REAL ESTATE GLOSSARY


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

Original Principal Balance: the total principal owed on a mortgage prior to any payments being made.

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. One point equals one percent of the loan amount. On a conventional loan, the loan origination fee is the number of points a borrower pays.

Owner Financing: a home purchase where the seller provides all or part of the financing, acting as a lender.

Ownership: ownership is documented by the deed to a property. The type or form of ownership is important if there is a change in the status of the owners or if the property changes ownership.

Owner's Policy: the insurance policy that protects the buyer from title defects.


 
 
For more information contact
 
Tracy O'Kane
 
REALTOR, GRI, ABR, SFR
 
Cell: (952) 956-2420 - Fax: (612) 767-5784
 
 
 

Keller Williams Realty Integrity Lakes
 
1350 Lagoon Ave, Suite 900 Minneapolis, Minnesota 55408
 

Each office is independently owned & operated.

Tracy O'Kane is a licensed REALTOR in the state of Minnesota with Keller Williams Realty Integrity Lakes


Copyright 2006 Keller Williams Realty Integrity Lakes, All Rights Reserved.

The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.


 

 



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