Real Estate Terminology (Glossary)

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Eric Nansen
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Glossary - 'D'

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Debit
In a closing statement an item that is charged to a party.

Debt
An amount owed to another.

Deed
A written document properly signed and delivered that conveys title to real property.

Deed In Lieu of Foreclosure
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."
,br> Deed of Trust
The document used in many states instead of a mortgage; title is conveyed to a trustee to secure the repayment of the loan.

Deed Restriction
A clause in a deed that limits the use of the land.

Default
Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.

Deficiency Judgement
A judgement given when the security pledge for a loan does not satisfy the debt upon default.

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; the opposite of appreciation.

Description
A formal depiction of the diminisions and location of a property.

Disclosure Statement
A statement required by law, in which sellers of particular kinds of property, or under certain circumstances, must reveal specified information to potential buyers.

Discount
To sell a promissary note for less than its face value. This occurs most frequently with second and third trust deed notes.

Discount Points
Amount paid to a lender at the time of loan origination to account for the difference in the market interest rate and the lower face rate of the note. A "point" is one percent of the loan amount.

Documentary Transfer Tax
A tax on the transfer of real property. Counties and cities impose this tax to collect revenue from the sale of real property. The seller usually pays this tax.

Down Payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Dual Agency
The situation in which an agent represents more than one party to a transaction. An example is a real estate agent representing both the buyer and seller.

Due-On-Sale Clause
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.

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