Mortgage Dictionary for words that start with letter D
Declaration of Restrictions - A set of restrictions filed by a sub divider to cover an entire tract or subdivision.
Dedication - The voluntary giving of private property to some public use by the owner, as the dedication of land for streets, schools, etc., in a development.
Deed - Formal written document transferring title to real estate; a new deed is used for each transfer. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. (See also deed of trust, general warranty deed, quitclaim deed, and special warranty deed.)
deed - The legal document conveying title to a property.
Deed of Trust - An instrument given by the borrower to a third party (trustee) vesting title to the property in the trustee as security for the borrower's repayment of the mortgage loan.
deed of trust - The document used in some states instead of a mortgage; title is conveyed to a trustee.
Deed of Trust Rider - The document required by the lender to be recorded along with the security instrument for an ARM.
Deed Restriction - Restrictions placed on use of real property by writing in a deed to control use and occupancy of the property by future owners.
deed-in-lieu - A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.
default - Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.
Default - Failure to make mortgage payments or violations other provisions of the mortgage note.
Defective Title - Title to real property which lacks some of the elements necessary to transfer good title. Title to a negotiable instrument obtained by fraud.
Deficiency Judgment: - Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the loan (s) and accrued interest.
delinquency - Failure to make mortgage payments when mortgage payments are due.
Deposit - Also called Earnest Money Deposit, the deposit is money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money deposit will be forfeited to the seller unless the purchase contract expressly provides conditions for its return to the buyer.
deposit - A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.
Depreciation - Decrease in value to real property improvements due to wear and tear, adverse changes in the neighborhood, or any other reason.
depreciation - A decline in the value of property; the opposite of appreciation.
Devise - Real Estate left by will.
Devisee - One to whom real estate is given by will.
Devisor - A testator who leaves real estate.
Direct Endorsement - A lender that can complete the processing and closing of an FHA loan without prior approval from FHA.
Direct Reduction Mortgage - An amortized mortgage in which principal and interest are computed on the remaining balance.
Disbursements - Payments made during the course of an escrow or at closing.
Discount - A loan funded below par (100%). Lenders or investors will fund loans at a discount in order increase the overall yield on the note.
Discount - A loan funded below par (100%). Lenders or investors will fund loans at a discount in order to increase the overall yield on the note.
Documentary Tax Stamps - Stamps affixed to a deed showing the amount of transfer tax. In Nebraska the documentary tax is $1.75 for each thousand dollars of the selling price.
Dower - The rights of a widow to a portion of her deceased husband's property.
Down Payment - Cash to be paid by the buyer at closing to consummate a real estate transaction. Down payment is the difference between the sales price and the mortgage amount.. Buyer cash required at closing includes the down payment, closing costs and prepaid expenses.
down payment - The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
Dragnet Clause - A clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.
due-on-sale provision - A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.