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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 the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers 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 and 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! There's no obligation, and I promise to get back to you quickly... 
Cosmetic Improvements >Brighter is Better
Sometimes a real estate agent will walk into a home that is basically attractive, yet communicates the feeling that something is lacking. Then the agent notices that all of the drapes are closed, interior lights are off and there is a lot of overgrown shrubbery blocking the sunlight that might otherwise pour through the windows.
A dark house is not as appealing to most buyers as one that is flooded with light. As a part of your preparations to market your home, try to maximize the light in your home. Make sure that all the windows are clean and the drapes are open when the house is being shown. A fresh coat of light paint can do a lot to brighten up the interior. If your house has very dark paneling, and you do not wish to repaint the walls, you may want to consider adding additional lamps. Your real estate agent may be able to provide other simple and cost-effective ideas about how to maximize your home's appeal.
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| Q |
Who is "Fannie Mae" and why is she a big name in real estate?
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| A |
"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
 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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