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Debt
An
amount which is owed and must be repaid from
one person to another.
Debt
Capital
The money borrowed for a particular business
purpose.
Debtor
A party who is in debt and owes money to another.
Declaration
of Abandonment
A
document recorded to terminate a homestead.
Declaration
of Trust
A
written statement by a trustee acknowledging
that a property is being held for the benefit
of another.
Deed
The legal document which conveys title to
real property from one party, the grantor
to another party, the grantee.
Deed
in Lieu of Foreclosure
A deed from a defaulting borrower and accepted
by the lender to satisfy a debt and to avoid
the necessity of having the lender go through
formal foreclosure proceedings. Also called
a "voluntary conveyance."
Deed
in Trust
A document that grants a trustee full power
to sell, mortgage and subdivide a parcel of
real estate where the beneficiary controls
the trustee's use of these powers under the
trust agreement provisions.
Deed of Trust
The document used in some states instead of
a mortgage; title is conveyed to a trustee
to secure the repayment of a sum of money
to the beneficiary. See Trust Deed.
Default
The failure to make mortgage payments on a
timely basis or to comply with other mortgage
requirements.
Default
Judgment
A court order resulting from
the failure of a defendant to answer a complaint
in a lawsuit.
Defective
Title
A title which will be impaired
if an outstanding claim proved to be valid.
Deferred
Payments
The monetary payments which
will be made at a future date.
Delinquency
Failure to make mortgage payments when mortgage
payments are due resulting in a Default, such
as an overdue loan.
Demand
A factor which motivates consumers
to buy real estate, goods or services at various
prices and under varying conditions. See Supply
and Demand.
Department
Of Veterans Affairs
An agency of the federal government responsible
for administering programs of veterans benefits
for veterans, their families, and survivors.
The agency guarantees residential mortgages
made to eligible veterans. The guarantee protects
the lender against loss and thus encourages
lenders to make mortgages to veterans.
Deposit
Money given in good faith to assure the purchase
of real estate. If the party who put up the
deposit fails to perform, the deposit is forfeited,
unless conditions in the contract allow a
refund. Also known as Earnest Money.
Depreciation
A loss in the value of property. This may
occur due to physical deterioration, functional
obsolescence or economic obsolescence. Opposite
of appreciation.
Developer
A person/business who prepares land to become
an real estate project by making improvements
to the land and selling it as a completed
project.
Development
A real estate project where improvements have
been made to a parcel of land such as subdividing,
sewer and drainage lines, road access, utilities
and buildings.
Disclosure
Statement
A statement required by law in which the seller
of a property must reveal specified information
or concerns to potential buyers.
Discount
broker
A licensed broker who provides brokerage services
for a lower commission, or for a flat fee
instead of a percentage of the selling price.
The broker provides less extensive brokerage
services than a full-service broker. See also
a Flat fee broker.
Discount
Points
A point, sometimes also called a "discount
point". One point is one percent of the
loan amount which a borrower must pay to a
lender in order to get a loan at a stated
lower interest rate.
Dividend
1. The resulting number of one number divided
by another number
2. Distribution of a portion of a company's
earnings to a class of its shareholders. The
dividend is most often quoted in terms of
the dollar amount each share receives (DPS:
dividends per share). It can also be quoted
in terms of a percent of the current market
price, referred to as dividend yield.
Dower
The legal rights of a widow in the possessions
of her husband at his death.
Down Payment
A partial payment of the purchase price of
a property that the buyer pays in advance
and does not finance with a mortgage.
Drive-by
Appraisal
A roughly estimated appraisal without the
benefit of inspecting the interior and which
may not conform to USPAP Standard. This may
be done in the case that the appraiser hired
was not allowed to enter the property.
Due
Diligence
An investigation or audit of a potential investment.
Due diligence serves to confirm all material
facts in regards to a sale.
Due Process
A legal principle that the government must
normally respect all of a person's legal rights
instead of just some or most of those legal
rights when the government deprives a person
of life, liberty, or property.
Due-On-Sale
Clause
A provision in a mortgage that allows the
lender to demand repayment of a loan in full
if the borrower sells the property that serves
as security for the mortgage.
Due-On-Transfer
Clause
This terminology is usually used for second
mortgages. Similar to Due-on-Sale Clause.
Duplex
A two-family dwelling. A duplex is a house
that is divided into two seperate dwellings.
It has two separate entrances and the two
dwellings may or may not be identical is size
and amenities.
The
definitions of Real Estate Definitions found
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only. All information is subject to change
and should be independently verified. 10Realty.com
makes no representations or warranties of
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found on the pages therein. 10Realty.com assumes
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claimed or incurred as a result of using this
information. (Real Estate Terms, Investment
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