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Escrow Terms & Phrases

Terms and Phrases is Chicago Title's Glossary of definitions, meanings, and descriptions of significance for some of our industry's most often used terms and phrases.


Offer
A presentation of proposal for acceptance, in order to form a contract. To be legally binding, an offer must be definite as to price and terms.
Off-Site Improvements
Development of land to make adjacent property suitable for construction. Includes sidewalks, curbs, streets, sewers, streetlights, etc.
Open House
A house which is open without appointment to prospective buyers (or tenants) for inspection, during certain hours and days of the week.
Open Listing
A written authorization to a real estate agent by a property owner, stating that a commission will be paid to the agent upon presentation of an offer which meets a specified price and terms. However, the agent has no exclusive right to sell and must bring in his offer before any other offer is presented or accepted.
Origination Fee
A fee made by a lender for making a real estate loan. Usually a percentage of the amount loaned, such as one percent.
Owner will carry mortgage
A term used to indicate that the seller is willing to take back a purchase money mortgage.
Owner’s Policy
Title insurance for the owner of the property, rather than a lien holder.
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