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Glossary of Real Estate terms used by Baja Real Estate Group's website.

There are 367 Real Estate entries in this glossary. Complete with definitions.
Search for Real Estate terms used in Mexico and in the U.S. (regular expression allowed)
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O

Term Definition
Offer

Indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

Original Principal Balance

The total principal owed on a mortgage prior to any payments being made.

Origination

The process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

Origination Fee

The charge for originating a loan; is usually calculated in the form of points and paid at closing. One point equals one percent of the loan amount. On a conventional loan, the loan origination fee is the number of points a borrower pays.

Owner Financing

A home purchase where the seller provides all or part of the financing, acting as a lender.

Owner's Policy

The insurance policy that protects the buyer from title defects.

Ownership

Ownership is documented by the deed to a property. The type or form of ownership is important if there is a change in the status of the owners or if the property changes ownership.