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Deed |
A written document that conveys the ownership of
real estate from one person or party to another |
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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 |
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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 |
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Deed Restriction |
A clause in a Deed that limits the uses of the
property (e.g., types or quantities of structures permitted) |
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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 |
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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" |
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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 |
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Devise |
To dispose or convey ownership of real property
via a will |
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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 |
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Discount point |
A unit of measurement used for loan charges,
with one point equaling 1 percent of the value of the loan |
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Dower |
The rights of a spouse to the property of their
deceased spouse |
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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% |
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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 |
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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 |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me know and I will be happy to assist you. I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback.  Didn't Find the Real Estate Term you were lookin for? Let me know! I'm happy to answer ANY questions. Fill in the form below and pose your question, I will be happy to assist you and if it involves an area, town, or subidivision, please make reference to that area in the "Additional Info" box, no matter where it is in: East Baton Rouge Parish, including Baton Rouge, Zachary, Baker, Greenwell Springs, and Central West Baton Rouge Parish, including Brusly, Port Allen, Erwinville and Addis Ascension Parish, including Prairieville, Dutchtown, or Geismer Livingston Parish, including Denham Springs Iberville Parish, including Plaquemine Pointe Coupee, including New Roads and False River East and West Feleciana, including St. Francisville and Clinton There's no obligation, and I promise to get back to you quickly... |
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