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Real Estate Glossary and Terms

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Realty Terms beginning with O

Open House
A low-pressure sales approach used by agentS® to advertise a property that is for sale. The agent® invites potential buyers to drop by and see the property without making a formal appointment. Open listing property that multiple brokers can market and compete to sell for a commission.

Open Mortgage
A mortgage which allows for extra payments, principal reductions or full payment at any time without penalty.

A legal contract that permits the owner, depending on the type of option, to purchase, sell, or lease an asset at a set price for a specific time period.

Owner Financing
A real estate transaction where the person selling the property lends the buyer all or a portion of the money for the purchase.