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A contract under which the broker is
commissioned to find a buyer before the property is sold by the seller or
another competing broker
Option
The agreement to keep an offer to purchase or
lease open for a specific period of time
Option listing
An agreement by which the broker advertising the
property has the right to purchase the listed property himself
Origination fee
A fee paid to the lender for processing a loan
application
Owner financing
A property transaction for which the seller
provides all or part of the financing to the buyer
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
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.
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Geoff is the Principal Broker and owner of Vienna Real Estate. He has been practicing real estate in the Vienna area of Western Fairfax County Virginia since 1993. Prior to opening his own firm he was a Sales Associate with Weichert, Realtors and was a Broker Associate with Re/Max Preferred Properties. Geoff thrives in the highly competitive real estate market of the Vienna area. His positive attitude, determination, and uncompromising loyalty to his clients are unmatched by his peers. Years of training as a Marine Officer and Hall of Fame record as a broker make Geoff the agent of choice in Vienna. As the owner of Vienna Real Estate, Geoff has the creative flexibility to compete with any firm, and has the advantage of specializing in the Vienna area. He is THE Vienna Specialist!
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