Obsolescence
Open House
Open Listing
Open-End Credit
Option
Oral Agreement
Ordinary Income
Original Principal Balance
Origination Fee
Owner Financing

Obsolescence
Condition or situation where an item or property falls into disuse.

Open House
A method used by owners and real estate agents to advertise and sell a property. This method gives potential buyers the opportunity to view the interior and exterior of the property.

Open Listing
A property where multiple brokers or real estate agents can market and sell for compensation.

Open-End Credit
A line of credit that may be used at any time and used to a certain limit determined by the initial agreement. Lines of credits (HELOCs) often qualify under this type of credit.

Option
A legal agreement giving an individual the right to lease, sell, or purchase a property during a certain period of time.

Oral Agreement
An unwritten, spoken legal agreement that is held enforceable like any other written agreement or contract.

Ordinary Income
Income that does not come from capital gains including: standard income, wages, interest, normal income.

Original Principal Balance
The amount borrowed.

Origination Fee
A fee charged by a lender to process a loan or mortgage. The cost usually covers such costs and fees as credit report costs, property inspections, property appraisals, etc.

Owner Financing
A financing option where the seller lends all or part of the money to the buyer.