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(Disclaimer: Always seek advice regarding
questions for: Legal,
Tax, Accounting, Lending, Surveying, Inspecting, etc. from those other areas of
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matters! Additionally, please allow that
"typos" / errors / changes may occur at this site and / or
other sites, herein referred / linked to... Information is presented only for your convenience. Any corrections
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received! Thanks for visiting our site! Quigley Team, Realty World - John Horton &
Assoc.)
Deed: A written document by which title to real property is transferred from one owner to another. 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 buyer at closing.
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Deed of Trust: Used in many states in lieu of a mortgage to secure the payment of a note. In a deed of trust there are three parties - the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he/she defaults in the payment of the debt, the trustee may sell the property without a court proceeding.
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Deed Restriction: A clause in a deed that limits the use of land. Example: A deed might require that a road cannot be built on the land.
Default: Failure to meet legal obligations in a contract - such as the failure to make the monthly mortgage payment.
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Defective Title: Any recorded instrument that would prevent a grantor/seller from giving a clear title. Example: The seller has a contractor lien on the property that was filed when he/she failed to pay the contractor for the kitchen remodel. The seller may obtain clear title by paying the contractor and removing the lien.
Deficiency Judgment: Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the mortgages, accrued interest, legal fees, etc.
Depreciation: Decline in the value of a house due to wear and tear, obsolescence, adverse changes in the neighborhood, or any other reason.
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Discount Points: Fees paid to a lender to reduce the interest rate.
Documentary Tax Stamps: Stamps affixed to a deed showing the amount of transfer tax.
Dower: The rights of a widow or child to part of a deceased husband's or fathers property.
Down payment: The amount paid for the purchase of a property in addition to the mortgage, but not including any closing costs. Example: John buys a house for $100,000 and obtains a loan for $80,000. His
down payment is $20,000.
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Due on Sale Clause: A clause in the Deed of Trust or Mortgage that states that the entire loan is due upon the sale of the property.
Dragnet Clause: A provision in a mortgage that pledges several properties as collateral. A default in the mortgage could lead to foreclosure proceedings on any (all) of the properties in the dragnet.
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E Terms
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AUSTIN "STATS"