Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Deed
The title of property, normally changed from one owner to another at closing. The deed contains information about the property and the location. It is given to the buyer at closing.
Deed Restriction
Limiting the use of land by a clause, e.g. not permitted to construct a new road through the land.
Defective Title
The inability to give a clear title.
Deficiency Judgment
Personal claim made against a debtor when the sale of a foreclosed property does not yield sufficient proceeds to pay off mortgages, accrued interest, legal fees, ...
Depreciation
The decreasing value of a house caused by damages to the house or other means.
Discount Points
Decreasing an interest rate by paying fees to a lender.
Documentary Tax Stamps
Stamps on a deed showing the total amount of a transfer tax.
Down payment
The amount paid in advance on a property.
