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Offer to purchase: Document
that lists the price, conditions and terms under which the buyer is willing
to purchase the property. (Each of these means the same thing: offer to
purchase, or purchase offer, or earnest money agreement, or contract of
purchase, or deposit receipt.)
Open Listing: A
property given to a number of brokers to market at the same time.
Typically, who ever sells the real estate earns the commission.
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Operating expense: The actual costs associated with operating a
property, including maintenance, repairs, management, utilities, taxes and
insurance
Option: The
right to purchase a piece of real estate within a set time period without an
obligation to buy. If you rent, you may have in your lease an option to buy.
Original Principal Balance: The amount of principal owed on a loan
before a borrower makes any payments. (The amount of the loan.)
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Originator: A company that sources and underwrites real estate loans.
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