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.
Debt::Money owing from one person to another.
Debtor::One who owes a debt.
Decree of Distribution::A probate court decree which determines how the estate of a decedent shall be distributed.
DEED:A document indicating the ownership of a property.
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.
DEED OF TRUST:A document which transfers title in a property to a trustee, who's obligations and powers are stipulated. Often used in mortgage transactions.
Deed of Trust or Trust Deed::A written document by which the title to land is conveyed as security for the repayment of a loan or other obligation. It is a form of mortgage. The landowner or debtor is called the "trustor." The party to whom the legal title is conveyed (and who may be called on to conduct a sale thereof if the loan is not paid) is the "trustee." The lender is the "beneficiary." When the loan is paid off, the trustee is asked by the beneficiary to issue a "recon" or reconveyance. This reconveyance corresponds to the release that the holder of a mortgage executes when the mortgage is paid off.
Deed Restrictions::Limitations in the deed to a property that dictate certain uses that may or not be made of the 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::Written document by which an estate or interest in real property is transferred from one person to another. The person who transfers the interest is called the "grantor." The one who acquires the interest is called the "grantee." Examples of deeds are grant deeds, administrator's deeds, executors' deeds, quitclaim deeds, etc. The deed to use depends on the language of the deed, the legal capacity of the grantor and other circumstances.
DEFAULT:The condition in which a borrower has failed to meet the obligations of a loan or mortgage.
Defect::A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
Defective Title::(1) Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title.
DELINQUENCY:The state in which a borrow has failed to meet payment obligations on time.
Demand Note::A note having no date for repayment, but due on demand of the lender.
DEPOSIT:Cash given along with an offer to purchase property, Also called EARNEST MONEY.
Deposit::(1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.
DEPRECIATION:The natural decline in property value due to market forces or depletion of resources.
Description::The exact location of a piece of real property stated in terms of lot, block, tract, part lot, metes and bounds, recorded instruments, or U.S. Government survey (sectionalized). This is also referred to as legal description of property.
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.
DOWN PAYMENT:An amount paid in cash for a property, with the intent to mortgage the remaining amount due.
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.
