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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

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

Deed

A written document that conveys the ownership of real estate from one person or party to another

Deed-in-lieu, or Deed-in-lieu of foreclosure

A deed given by a mortgagor to the mortgagee when the mortgage is in default, to avoid foreclosure

Deed of trust

A written document that grants a trustee, in the event of foreclosure, the full power to sell, mortgage and subdivide the property in question

Deed Restriction

A clause in a Deed that limits the uses of the property (e.g., types or quantities of structures permitted)

Default

The failure to meet the legal obligations in a contract; in real estate, failure to pay mortgage payments as scheduled or to comply with other stipulations of the mortgage

Deferred interest

Interest on a mortgage which is delayed because the monthly payment of the mortgage is not large enough to cover the entire principal and interest due, and therefore is added to the loan balance See "negative amortization"

Deficiency judgment

A claim made by the holder of a note against the maker, in the event that a foreclosure sale does not bring in enough proceeds to fully cover the note and the costs of sale, for the difference

Delivery

The final, unconditional and absolute transfer of a Deed from seller to buyer, such that the seller cannot revoke the transfer of ownership; the Deed itself does not pass title until the seller delivers it to the buyer

Depreciation

A decline in the value of property, due to any cause; the opposite of appreciation Also an expense deduction taken for tax purposes over the period of owning income property

Devise

To dispose or convey ownership of real property via a will

Disclosure

A statement of facts made by the buyer about the condition of a property being sold and its surrounding area, required by law in most US states

Discount point

A unit of measurement used for loan charges, with one point equaling 1 percent of the value of the loan

Dower

The rights of a spouse to the property of their deceased spouse

Down payment

The amount of the purchase price of a property paid in cash (i.e. not financed with a mortgage) that is required to secure the property; typically 20%

Dual agency

Representation of opposing parties in a transaction (e.g. when a realtor is the agent for both buyer and seller); requires consent of both parties to be allowed, and is illegal in some US states

Due-on-sale clause

A provision in a mortgage allowing the lender to demand payment of the entire balance of the note if the mortgagor sells or otherwise transfers the property

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



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Real Estate Trivia
Q 
Where is the world's tallest apartment block?

A 
The 100-story John Hancock Center in Chicago, Illinois is 1,127 feet high; floors 44 through 92 are residential.
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Donald Payne, REALTOR®, real estate agent and broker for Columbus Ohio home listings, property and land for sale - NUMBER1EXPERT(tm)

Donald Payne
Vision Realty, Inc.

4608 North High Street
Columbus, OH 43214
Office: 614-447-3175
Toll-free: 866-510-2223
Cell: 614-323-4348
Fax: 614-267-2258
DonaldPayne@VisionRealty.com

Meet Donald A. Payne, Founder, Vision Realty. Don Payne is a devoted husband, father, son, friend, and volunteer. All of these life experiences make him uniquely qualified to have been the realtor of choice for home buyers and sellers since 1979. The key to Don’s success for more than 25 years has been his willingness to take the time to get to know his clients, and to understand how their housing situation can best help them meet their personal visions. Don has used his real estate expertise and relationship-building skills to help people in all walks of life realize their home ownership goals. He has reached out to single individuals, first-time homebuyers, new families, single parents, and well-established homeowners in a broad spectrum of pricing ranges, throughout their desired market areas. Don has a sincere passion for knowing that, at the end of the day, his strategy has been to provide his clients with a caring, concerned partner in helping them achieve their unique life visions. Whatever your housing vision may be, Don Payne can help!


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