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Real Estate Glossary
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Terms starting with '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 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, whose obligations and powers are stipulated. Often used in mortgage transactions.
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.
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.
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.

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