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Real Estate Terms / Real Estate Dictionary

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An amount which is owed and must be repaid from one person to another.

Debt Capital
The money borrowed for a particular business purpose.

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.

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.

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.

Failure to make mortgage payments when mortgage payments are due resulting in a Default, such as an overdue loan.

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.

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.

A loss in the value of property. This may occur due to physical deterioration, functional obsolescence or economic obsolescence. Opposite of appreciation.

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.

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.

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.

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.

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.

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