Big Austin
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| Term | Definition |
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| Obligee |
The person in whose favor an obligation is made.
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| Obligor |
The person who binds themselves to another.
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| Option |
The right, but not obligation, to purchase or lease a property upon specific terms within a specific time period.
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| Ordinances |
The rules by municipalities governing the use of land.
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| Origination Fee |
A fee paid to either a lender or a broker for originating a loan. It may be the sole compensation for their work in arranging and/or processing the loan, or it may only be a portion of the compensation. Some loans do not have an origination fee.
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| Originator |
An individual that works with a borrower to start a loan. Typically the employee of a financial institution, the employee of a broker or an independent contractor affiliated with multiple brokers, the originator determines the type of loan a borrower most-likely qualifies for, helps the buyer complete an accurate application, gathers the documents necessary to get an approval and acts as an intermediary between the borrower and the underwriter.
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