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Open listing |
A contract under which the broker is
commissioned to find a buyer before the property is sold by the seller or
another competing broker |
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Option |
The agreement to keep an offer to purchase or
lease open for a specific period of time |
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Option listing |
An agreement by which the broker advertising the
property has the right to purchase the listed property himself |
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Origination fee |
A fee paid to the lender for processing a loan
application |
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Owner financing |
A property transaction for which the seller
provides all or part of the financing to the buyer |
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Owner's Title Insurance |
A policy insuring the full purchase price of a
piece of property for the buyer, usually including adjustments for inflation
each year up to a maximum of 150% of the original policy amount, the premium
for which is payable at the time of closing |
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Did I Miss a Word You Are Looking For? Is there a real estate term that I failed to explain here in my dictionary for home buyers and sellers? Let me be your personal real estate dictionary. I'll send a brief explanation of any word or term that you encounter when buying or selling property. Do you have a suggestion of a real estate word that should be included? Let me know. I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job to help! I will respond as soon as possible.
| Q |
What land did the U.S. Government buy for $7.2 million?
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| A |
In March 1867, the US bought all of Russian America (Alaska) from Russia. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT®
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All rights reserved. All information deemed reliable but not guaranteed.
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