Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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Original
principal balance:
The sum amount of the principal which is owed on a mortgage before
any payments are made is called the Original principal balance.
Origination Fee:
Origination Fee is imposed on a government loan. This is one
percent of the loan amount, but additional points may be charged.
These are called "discount points." One point equals
one percent of the loan amount. When it is imposed on conventional
loan, the loan origination fee refers to the total number of
points a borrower pays.
Owner financing:
This is a property purchase transaction where the property seller
provides all or part of the financing.
Option:
This means the right to purchase a piece of real estate within
a fixed time period without any obligation to buy it. If you
rent, you may have in your lease an option to buy.
Open Listing:
When a property is given to a number of brokers to market at
the same time, it is called Open Listing. Normally, who ever
sells the real estate earns commission.
Operating expense:
The real costs related to operate a property, including maintenance,
repairs, management, utilities, taxes, insurance and others is
called Operating expense.
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