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2835 Grand Ave., Suite B
Laramie, WY 82070
(307) 742-2099
  
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GLOSSARY OF TERMS
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- obsolescence
- The loss of value due to factors that are outmoded or less
useful. Obsolescence may be functional or economic.
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- 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.
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- 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
mortgage.
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- option
- An agreement to keep open for a set period an offer to sell or
purchase property.
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- owner financing
- A property purchase transaction in which the property seller
provides all or part of the financing.
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