The Following are real estate terms and topics: Starting With the Letter ( D)
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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….
Real Estate Terms D
Debt
Debt is that which is owed; usually referencing assets owed. Debt is a means of using future purchasing power in the present before a summation has been earned.
Deceptive Trade Practices Act
A federal law that allows an individual to sue a provider of goods or services for fraud or misrepresentation.
Deed
The legal document conveying title to a property.
Deed-in-lieu
A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. The borrower) conveys all interest in a real property to the mortgagee (i.e. The lender) to satisfy a loan that is in default and avoids foreclosure proceedings.
Deed of trust
It is very similar to a mortgage. The document used in some states instead of a mortgage; title is conveyed to a trustee.
Default
Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.
Delinquency
Failure to make mortgage payments when mortgage payments are due.
Deposit
A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.
Depreciation
A decline in the value of property.
Dower
Dower was a provision accorded by law to a wife for her support in the event that she should survive her husband. It was settled on the bride by agreement at the time of the wedding, or provided by law.
Down payment
Down payment is a term used in the context of the purchase of expensive items such as a house, whereby the payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.
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.
Due-on-transfer provision
A provision in a mortgage that allows the lender to demand repayment in full if the borrower transfers the property to another.
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