Escrow Terms & Phrases
Terms and Phrases is Commonwealth Land Title's Glossary of definitions, meanings, and
descriptions of significance for some of our industry's most often used
terms and phrases.
Look for terms and phrases in Alphabetical Order:
Offer -- A presentation of proposal for acceptance, in order to form a contract. To be legally binding, an offer must be definite as to price and terms.
Off-Site Improvements -- Development of land to make adjacent property suitable for construction. Includes sidewalks, curbs, streets, sewers, streetlights, etc.
Open House -- A house which is open without appointment to prospective buyers (or tenants) for inspection, during certain hours and days of the week.
Open Listing -- A written authorization to a real estate agent by a property owner, stating that a commission will be paid to the agent upon presentation of an offer which meets a specified price and terms. However, the agent has no exclusive right to sell and must bring in his offer before any other offer is presented or accepted.
Origination Fee -- A fee made by a lender for making a real estate loan. Usually a percentage of the amount loaned, such as one percent.
Owner's Policy -- Title insurance for the owner of the property, rather than a lien holder.
Owner will carry mortgage -- A term used to indicate that the seller is willing to take back a purchase money mortgage.