A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z

D

DATE OF APPRAISAL: The specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection.

DEBT: An obligation to repay some amount owed. This may or may not be monetary.

DEBT EQUITY RATIO: The ratio of the amount a mortgagor still owes on a property to the amount of equity they have in the home. Equity is calculated at the fair-market value of the home, less any outstanding mortgage debt.

DEED: A document indicating the ownership of a property.

DEED-IN-LIEU (OF FORECLOSURE):  A document given by a borrower to a lender, transferring title of the property. Often used to avoid credit-damaging foreclosure procedures.

DEED OF TRUST: A document which transfers title in a property to a trustee, whose obligations and powers are stipulated. Often used in mortgage transactions.

DEED OF RECONVEYANCE: A document which transfers ownership of a property from a Trustee back to a borrower who has fulfilled the obligations of a mortgage.

DEED OF RELEASE: A document which dismisses a lien or other claim on a property.

DEED OF SURRENDER: A document used to surrender any claim a person has to a property.

DEFAULT: The condition in which a borrower has failed to meet the obligations of a loan or mortgage.

DELINQUENCY: The state in which a borrow has failed to meet payment obligations on time.

DEPOSIT:  Cash given along with an offer to purchase property, Also called EARNEST MONEY.

DEPRECIATION: The natural decline in property value due to market forces or depletion of resources.

DETACHED SINGLE-FAMILY HOME: A single building improvement intended to serve as a home for one family.

DISCOUNT POINTS: Points paid in addition to the loan origination fee to get a lower interest rate. One point is equal to one percent of the loan amount.

DISTRESSED PROPERTY: A mortgaged property which has been foreclosed on.

DOWNSPOUT: The pipe that water moves through to reach the ground from the rain gutter.

DUE-ON-SALE PROVISION: A clause in a mortgage giving the lender the right to demand payment of the full balance when the borrower sells the property.

DUPLEX: A single-building improvement which is divided and provides two units which serve as homes to two families.

DWELLING: A house or other building which serves as a home.

DOWN PAYMENT: An amount paid in cash for a property, with the intent to mortgage the remaining amount due.

back to top