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Most terms and definitions have been provided by:
http://www.homeclosing101.org/news-and-advice/real-estate-glossary/OFFER
A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested.
OFFER AND ACCEPTANCE
The two components of a valid contract; a "meeting of the minds."
OPEN-END MORTGAGE
A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage.
OPTION
An agreement to keep open, over a set period, an offer to sell or purchase property.
ORIGINATION FEE
The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees.
