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Real Estate Glossary of Terms

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Term Definition
DealerIndividual or entity that buys and sells real estate as a business, as opposed to an investor.
 
Debt Coverage Ratio (DCR)Net operating income divided by the debt service. Ratios of at least 1.10 are generally required with ratios of 1.20 and higher considered the norm. (See definition of "underwriting" below.).
 
Debt ServicePeriodic payments required by a loan agreement including principal, interest and mortgage insurance.
 
DeedInstrument that conveys or transfers title to land or other real property.
 
Deed in Lieu of ForeclosureThe act of giving property back to the lender without foreclosure.
 
Deed of Trust (DOT)DOT's are similar to mortgages in that they serve as security for a loan by encumbering real estate. However, a mortgage is between two parties (borrower and lender) and a deed of trust involves three parties (borrower, lender and trustee). The trustee holds the property in trust as security for the payment of the debt and can sell the property if the borrower defaults.
 
Deed Restrictionsee Conditions, Covenants, and Restrictions.
 
DefaultFailure to meet all of the commitments and obligations specified in the mortgage or deed of trust. Defaults usually give the lender the right to accelerate payments and start foreclosure.
 
DefeasanceClause in mortgage that gives the borrower the right to redeem the property after default by paying the full indebtedness and fees incurred.
 
Deferred MaintenanceA type of physical depreciation due to lack of normal upkeep.
 
Deferred PaymentsPayments to be made at some future date.
 
Deficiency JudgmentCourt order stating that the borrower still owes money when the security for a loan does not entirely satisfy a defaulted debt.
 
DensityThe intensity of land use.
 
Density TestAn analysis of soil to determine if the surface can support the foundation of a house.
 
Depreciation RecaptureWhen real property is sold at a gain and accelerated depreciation has been claimed, the owner may be required to pay tax at ordinary income rates to the extent of the excess accelerated depreciation.
 
Discount PointsOne point equals one percent of the loan amount. Paying points has the effect of giving the lender a higher yield. Two points on a $100,000 mortgage would cost $2,000 ($100,000 x 0.02).
 
Down PaymentAmount of cash paid by buyer at time of purchase.
 
Due DiligenceThe act of carefully reviewing, checking and verifying all of the facts and issues before proceeding. In lending it is, among other things, verification of employment, income and savings; review of the appraisal; credit report; and status of the title.
 
Due-on-Salesee Acceleration Clause - Reservation of lender's right to call the loan due and payable upon sale of the property.
 


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