- The loss of value due to factors that are outmoded or less
useful. Obsolescence may be functional or economic.
- origination fee
- A fee imposed by a lender to cover certain processing expenses in
connection with making a real estate loan. Usually a percentage
of the amount loaned, such as one percent.
- open-end loan
- A mortgage loan that is expandable by increments up to a maximum
dollar amount, the full loan being secured by the same original
- An agreement to keep open for a set period an offer to sell or
- owner financing
- A property purchase transaction in which the property seller
provides all or part of the financing.