Option at Mortgage Glossary

What is it? An agreement to keep open, for a set period, an offer to sell or lease real property.

Mortgage Dictionary Term Added By: Gabriel

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Other Similar Mortgage Terms:

Mortgage Term Survey is A drawing or map the shows the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Mortgage Term Periodic Payment Cap is The limit on the amount that payments can increase or decrease during any one adjustment period for an adjustable-rate mortgage (ARM) where the interest rate and principal fluctuate independently of one another.

Mortgage Term Appreciation is An increase in the value of a home or other property..

Mortgage Term prepaid escrow is Amounts paid at closing for property taxes and insurance. These funds are deposited into the escrow account and used to pay the tax and insurance bills when they become due. See escrow.

Mortgage Term Installment Sale is An income tax method of reporting gain received from the sale of real estate when the sales price is paid in installments, i.e., where at least one payment is to be received after the close of the taxable year in which the sale occurs. No down payment is