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REAL ESTATE GLOSSARY
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DATE OF APPRAISAL
The specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection.
DEBT
An obligation to repay some amount owed. This may or may not be monetary.
DEBT EQUITY RATIO
The ratio of the amount a mortgagor still owes on a property to the amount of equity they have in the home. Equity is calculated at the fair-market value of the home, less any outstanding mortgage debt.
DEBT-TO-INCOME RATIO
The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her net effective income (FHA/VA loans) or gross monthly income (conventional loans).
DEED
A legal document which affects the transfer of ownership of real estate from the seller to the buyer.
DEED-IN-LIEU (OF FORECLOSURE)
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."
DEED OF TRUST
A document which transfers title in a property to a trustee, who's obligations and powers are stipulated. Often used in mortgage transactions.
DEED OF RECONVEYANCE
A document which transfers ownership of a property from a Trustee back to a borrower who has fulfilled the obligations of a mortgage.
DEED OF RELEASE
A document which dismisses a lien or other claim on a property.
DEED OF SURRENDER
A document used to surrender any claim a person has to a property.
DEED RESTRCITION
A clause in a deed that limits the use of land.
DEFAULT
The condition in which a borrower has failed to meet the obligations of a loan or mortgage.
DEFECTIVE TITLE
Any recorded instrument that would prevent a grantor/seller from giving a clear title.
DEFERRED INTEREST
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.
DEFICIENCY JUDGEMENT
Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the mortgages, accrued interest, legal fees, etc.
DELINQUENCY
The state in which a borrow has failed to meet payment obligations on time.
DELIVERY
The final, unconditional and absolute transfer of a deed to the Grantee so that the Grantor may not revoke it. A Deed, signed but held by the Grantor, does not pass title.
DEPARTMENT OF VETERANS AFFAIRS
An independent agency of the federal government which guarantees long-term, low-or no-down payment mortgages to eligible veterans.
DEPOSIT
Cash given along with an offer to purchase property, Also called EARNEST MONEY.
DEPRECIATION
A decline in the value of property; the opposite of appreciation.
DETACHED SINGLE-FAMILY HOME
A single building improvement intended to serve as a home for one family.
DISCOUNT
Difference between the face amount of a note or mortgage and the price at which the instrument is sold in the secondary market.
DISCOUNT POINTS
Points paid in addition to the loan origination fee to get a lower interest rate. One point is equal to one percent of the loan amount.
DISTRESSED PROPERTY
A mortgaged property which has been foreclosed on.
DOCUMENTARY TAX STAMPS
Stamps affixed to a deed showing the amount of transfer tax.
DOWER
The rights of a widow or child to part of a deceased husband's or fathers property.
DOWN PAYMENT
Money paid to make up the difference between the purchase price and the mortgage amount. Down payments usually are 5 percent to 20 percent of the sales price on conventional loans.
DOWNSPOUT
The pipe that water moves through to reach the ground from the rain gutter.
DRAGNET CLAUSE
A provision in a mortgage that pledges several properties as collateral. A default in the mortgage could lead to foreclosure proceedings on any of the properties in the dragnet.
DUE-ON-INTEREST
A clause inserted in a mortgage that allows the lender to call the loan due and payable at its option upon the transfer of the property also known as paragraph "17" in FNMA / FHLMC Mortgage
DUE-ON-SALE PROVISION
A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.
DUPLEX
A single-building improvement which is divided and provides two units which serve as homes to two families.
DWELLING
A house or other building which serves as a home.
DOWN PAYMENT
An amount paid in cash for a property, with the intent to mortgage the remaining amount due.
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