D
- Date of Appraisal
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The specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection.
- Debt
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An obligation to repay some amount owed. This may or may not be monetary.
- Debt Equity Ratio
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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
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A document indicating the ownership of a property.
- Deed of Reconveyance
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A document that transfers ownership of a property from a Trustee back to a borrower who has fulfilled the obligations of a mortgage.
- Deed of Release
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A document that dismisses a lien or other claim on a property.
- Deed of Surrender
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A document used to surrender any claim a person has to a property.
- Deed of Trust
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A document that transfers title in a property to a trustee, whose obligations and powers are stipulated. Often used in mortgage transactions.
- Deed-in-lieu (of Foreclosure)
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A document given by a borrower to a lender, transferring title of the property. Often used to avoid credit-damaging foreclosure procedures.
- Default
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The condition in which a borrower has failed to meet the obligations of a loan or mortgage.
- Delinquency
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The state in which a borrow has failed to meet payment obligations on time.
- Deposit
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Cash given along with an offer to purchase property, also called earnest money.
- Depreciation
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The natural decline in property value due to market forces or depletion of resources.
- Detached Single-Family Home
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A single building improvement intended to serve as a home for one family.
- Discount Points
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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
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A mortgaged property that has been foreclosed on.
- Down Payment
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An amount paid in cash for a property, with the intent to mortgage the remaining amount due.
- Downspout
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The pipe that water moves through to reach the ground from the rain gutter.
- Due-on-sale Provision
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A clause in a mortgage giving the lender the right to demand payment of the full balance when the borrower sells the property.
- Duplex
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A single-building improvement that is divided and provides two units serving as homes to two families.
- Dwelling
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A house or other building that serves as a home.