Word | Definition |
Days on the market | The period of time a property is listed for sale until it is sold or taken off the market |
Debt | Any amount one person owes to another.
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Dedication | The donation of land for public use by its owner. |
Deed | A written document which conveys ownership of real property from one person to another.
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Deed of trust | A three party security document conveying land, secured by the
performance of an obligation, such as the repaying of a loan. Also called a Trust deed. Trust deeds are usually used in the state of California. |
Deep-seal floor drain | A drain used to dispose of water from the basement floor to a sewer line.
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Default | Failure to perform a duty, promise or to pay an obligation. |
Deferred maintenance | Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.
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Delinquent mortgage | A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
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Demand | Demands are orders for funds. If a seller’s loan is to be paid in full through escrow, the Escrow Officer must request and receive a written demand for payment in order to use the documents necessary to release the loan.
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Density test | An analysis of soil to determine if the surface can support the foundation of a house.
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Deposit | Money given by the buyer with an offer to purchase property. Also called earnest money.
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Depreciation | The decline in value of a piece of property.
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Design/build | A project in which the owner contracts directly with an individual or company to perform design and construction.
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Digital images | Images that are incorporated into house listings to give potential buyers a view of the property.
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Disability insurance | An insurance policy which covers an individual's ability to produce income.
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Disclosure | A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
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Discount points | Fees that a borrower pays at the time the lender makes the loan. A point equals 1 percent of the total loan amount.
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Distressed property | Property that is in poor physical or financial condition.
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Document needs list | A list of documents a lender requires when a potential submits a loan application.. The required documents range from paycheck stubs to credit card statements.
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Documentary transfer tax | A tax on recorded transfers of title of real property.
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Domed ceiling | A hemispherical ceiling that projects upward without support.
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Domicile | A person's primary or permanent home.
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Down Payment | The amount of cash or percentage of the purchase price paid by the buyer in cash, not borrowed from the lender.
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Draw | A payment made to subcontractors or suppliers from a construction loan.
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Dropped ceiling | A flat ceiling built lower than the original ceiling.
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Dual agency | A relationship in which a real estate agent or broker represents both parties in a transaction.
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Due on sale clause | A clause in a promissory note or deed of trust calling for automatic maturity and payoff of the loan in the event of sale or transfer or title to the property.
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Due-on-sale clause | Standard language in a mortgage which states that the loan must be paid when a house is sold.
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Duplex | A structure that consists of two separate family units.
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Dutch colonial style | A design that features barn-like gambrel roof, a ground-level front porch, and dormers.
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