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Deed |
A written document
that conveys the ownership of real estate from one person or
party to another |
|
Deed-in-lieu, or
Deed-in-lieu of foreclosure |
A deed given by a
mortgagor to the mortgagee when the mortgage is in default, to
avoid foreclosure |
|
Deed of
trust |
A written document
that grants a trustee, in the event of foreclosure, the full
power to sell, mortgage and subdivide the property in
question |
|
Deed
Restriction |
A clause in a Deed
that limits the uses of the property (e.g., types or
quantities of structures permitted) |
|
Default |
The failure to meet
the legal obligations in a contract; in real estate, failure
to pay mortgage payments as scheduled or to comply with other
stipulations of the mortgage |
|
Deferred
interest |
Interest on a
mortgage which is delayed because the monthly payment of the
mortgage is not large enough to cover the entire principal and
interest due, and therefore is added to the loan balance See
"negative amortization" |
|
Deficiency
judgment |
A claim made by the
holder of a note against the maker, in the event that a
foreclosure sale does not bring in enough proceeds to fully
cover the note and the costs of sale, for the
difference |
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Delivery |
The final,
unconditional and absolute transfer of a Deed from seller to
buyer, such that the seller cannot revoke the transfer of
ownership; the Deed itself does not pass title until the
seller delivers it to the buyer |
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Depreciation |
A decline in the
value of property, due to any cause; the opposite of
appreciation Also an expense deduction taken for tax purposes
over the period of owning income property |
|
Devise |
To dispose or convey
ownership of real property via a will |
|
Disclosure |
A statement of facts
made by the buyer about the condition of a property being sold
and its surrounding area, required by law in most US
states |
|
Discount
point |
A unit of
measurement used for loan charges, with one point equaling 1
percent of the value of the loan |
|
Dower |
The rights of a
spouse to the property of their deceased
spouse |
|
Down
payment |
The amount of the
purchase price of a property paid in cash (i.e. not financed
with a mortgage) that is required to secure the property;
typically 20% |
|
Dual
agency |
Representation of
opposing parties in a transaction (e.g. when a realtor is the
agent for both buyer and seller); requires consent of both
parties to be allowed, and is illegal in some US
states |
|
Due-on-sale
clause |
A provision in a
mortgage allowing the lender to demand payment of the entire
balance of the note if the mortgagor sells or otherwise
transfers the property |
