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
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
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
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