Debt Ratio
The ratio of aggregate monthly debt to aggregate monthly income. |
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Deck
A flat area, usually with some finished material as flooring on the outside of a house. It can be covered or not, but it is normally not enclosed. |
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Deed
An instrument (written document) which generally conveys title to a property. |
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Deed of Trust
A written instrument legally conveying property to a trustee and is often used to secure an obligation such as a mortgage or promissory note. |
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Default
The failure to make payments on a loan. |
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Delinquency
Late- or non-payments of principal, interest, taxes, or insurance. |
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Deposit
Money, also called earnest money, which the buyer produces with an offer to show their good faith. Some sellers stipulate the amount of deposit necessary for an offer made to them. |
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Depreciation
The decline in the property value. |
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Description
(1) The description of a piece of property such that it can be positively identified for purposes such as purchase, sale, hypothecation, title insurance, and locating it on the land. (2) The lot, block, and tract numbers of a recorded subdivision. (3) A metes and bounds description. |
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Detached Single Family Home
A freestanding home that is designed to only house one family. |
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Deterioration
The effect of wear and tear on a structure, diminishing or impairing its value. |
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Developer
Someone who prepares a site for residential or commercial use. |
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DINK
Couple who both have careers and no children (an acronym for Dual Income No Kids). |
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Disbursement
The act of spending money. |
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Disclaimer
A statement renouncing legal right or claim to something. |
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Disclosure
A written statement, provided by the seller of a property to the buyer, identifying any known defects. |
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Disclosure Statement
A document issued by the mortgage company, or bank, to the homebuyer detailing the terms and conditions of the loan. |
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Discount
Difference between the face amount of a note or mortgage and the price at which the instrument is sold in the secondary market. |
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Discount Point
A term used in government subsidized loans, such as FHA and VA loans. It refers to any "points" (one percent of the loan amount) paid in addition to the one percent loan origination fee. |
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Distress
The seizure and holding of property as security for payment of a debt or satisfaction of a claim |
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Distress Property
A home or property, which will be sold in order to pay arrears on a loan. |
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Down Payment
A cash payment made by a buyer toward the purchase of a property as opposed to the amount financed. |
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Dual Agency
The representation by the broker of both the buyer and seller in a transaction. Most state laws require full disclosure of this event. |
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Due on Sale Clause
A clause, which requires the payment in full of the remaining loan amount upon the transfer of a property. |
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Duplex
A house with two units sharing a common wall. |
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Duress
Any unlawful threat or coercion used to induce another to act, or not act. |
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