Real Estate Glossary

Offer to purchase:

A written document submitted by the buyer to the seller containing the price and conditions under which the property is offered to be purchased.

Office of Public Trustee:

A governmental agency that acts as a trustee for purposes of effectuating a foreclosure sale. In most states, the trustee is a private entity acting on behalf of the lender as an agent.

One-action rule:

A legal requirement used primarily in California that indicates that a lender may only file and pursue one legal action in the event of a loan default. This may be an action on the note or a foreclosure of the property – but not both. This is designed to prevent deficiency actions on a note contemporaneously with the foreclosure of the property. If the foreclosure is the route taken and the property is sold for less than the amount of the loan, there can be no deficiency.

One-price bids:

A single bid at a foreclosure sale based on a fixed written submission.

Ordinary process:

A reference to a legal foreclosure action conducted through the courts in Louisiana.

Original principal balance:

The total amount of principal owed on a mortgage before any payments are made and the same is amortized.

Origination fee:

An up front fee paid to a lender for processing a loan application. The origination fee may be stated in the form of points. One point is one percent (1%) of the mortgage amount.

Origination points:

A front-end fee to a lender originating a particular loan. See origination fee and point.

Owner financing:

A property purchase transaction in which the property seller provides all or part of the financing. Also known as seller take back.

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