Option. The right to buy or sell property or sign a contract, based upon certain terms and conditions. Usually applicable to specific time frames during which the "option" may be exercised.
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.
Owner financing A property purchase transaction in which the property seller provides all or part of the financing.
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