Deamortization - Loan payments that are below interest only.
Debit - A record of an indebtedness used to designate a payment or owing.
Debt - To owe money to one person or another.
Debtor - One who owes the debt.
Debt Consolidation - Rolling debt into a home loan, usually done in a refinance and not at thetime of purchase.
Debt-to-Income Ratio - A measure of financial stability expressed as a percentage to determine a borrower’s financial picture.
Deciduous Trees - Trees that shed their leaves at seasonal intervals.
Deed - A signed instrument containing the legal transfer of property.
Deed in Lieu of Foreclosure - Deed given from the owner/borrower of the property to the lender as an alternative to having the lender foreclose on the property.
Deed of Trust - An instrument used in place of a mortgage. Property is transferred to a trustee by the trustor (borrower) and reconveyed upon payment in full to the lender.
Deed Restrictions - Restrictions placed within a deed that control the use of the property, which bind all future owners.
Default - Failure of the borrower to honor the conditions of the loan agreement.
Defective Title - Title to real property which lacks the elements necessary to transfer title.
Delinquency - A mortgage payment that's more than 30 days late.
Demand clause - A clause in the note that allows the lender to demand repayment any time or for any reason.
Department of Real Estate (D.R.E.) – Department of state government responsible for the licensing and regulation of those engaged in real estate business. The highest official in the department is usually called the Real Estate Commissioner.
Deposit - Money given in good faith by the buyer with an offer to purchase.
Deposit Receipt - Used when accepting “Earnest Money” to bind an offer for property by a prospective purchase; also includes the terms of a contract.
Depreciation - Decrease in value of real property caused by deterioration or obsolescence.
Detached - Not connected to. For example, a house is detached from another house as they have no direct access from one to the other.
Devise - A gift by will of real or personal property.
Devisee - The recipient of real estate given by will.
Devisor - Testator who leaves real estate or personal property.
Discount Mortgage Broker - A mortgage broker that claims to be compensated by the lender rather than the borrower.
Documentary Transfer Tax - A state tax on the sale of real property, based on the sale price.
Down payment - Cash portion paid by a buyer from his own funds, as opposed to the financed portion of the purchase price.
Dry Rot - Fungal decay of seasoned wood.
Dual Agency - Occurs when a real estate agent is representing both buyer and seller in the same transaction. Brokers in many states get around this by saying the agent aids the buyer but is the agent of the seller.
Due-on-Sale Clause - An acceleration clause that requires full payment of a mortgage or deed of trust when the secured property changes ownership.
Duplex – A building that contains exactly two dwelling units.
Duress – When a person is forced to enter into an agreement or to perform some other act against his will.
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