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Origination Fee
Fee charged by a lender to cover administrative costs of processing a loan. It usually includes the cost to prepare loan documents, check the borrower's credits history, inspect the property and may also include cost of appraisal.
Open House
A selling tool in which a real-estate agent advertises a property for sale and invites people to visit without making an appointment.
Option
A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
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