Escrow Terms & Phrases
Terms and Phrases is Alamo Title® 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.