First National Glossary
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Option Fee

Usually one percent of price, is payable and forfeited if buyer does not go through with the transaction.
Glossary of Other Real Estate Terms in M-P:
  >   Mortgage
  >   Off the plan
  >   Older titles
  >   Property Insurance
  >   Maturity Date
  >   Mortgagee
  >   Mortgagor
  >   Multiple Listing
  >   Negative Gearing
  >   Net Yield
  >   Offer to Purchase
  >   Old System Title
  >   Option to Buy
  >   Option Fee
  >   Party Wall
  >   Plan
  >   Principal
  >   Private Sale
  >   Private Treaty Sale
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