A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

D

Deed	A written document that conveys the ownership of real estate from one person or party to another
Deed-in-lieu, or Deed-in-lieu of foreclosure	A deed given by a mortgagor to the mortgagee when the mortgage is in default, to avoid foreclosure
Deed of trust	A written document that grants a trustee, in the event of foreclosure, the full power to sell, mortgage and subdivide the property in question
Deed Restriction	A clause in a Deed that limits the uses of the property (e.g., types or quantities of structures permitted)
Default	The failure to meet the legal obligations in a contract; in real estate, failure to pay mortgage payments as scheduled or to comply with other stipulations of the mortgage
Deferred interest	Interest on a mortgage which is delayed because the monthly payment of the mortgage is not large enough to cover the entire principal and interest due, and therefore is added to the loan balance See "negative amortization"
Deficiency judgment	A claim made by the holder of a note against the maker, in the event that a foreclosure sale does not bring in enough proceeds to fully cover the note and the costs of sale, for the difference
Delivery	The final, unconditional and absolute transfer of a Deed from seller to buyer, such that the seller cannot revoke the transfer of ownership; the Deed itself does not pass title until the seller delivers it to the buyer
Depreciation	A decline in the value of property, due to any cause; the opposite of appreciation Also an expense deduction taken for tax purposes over the period of owning income property
Devise	To dispose or convey ownership of real property via a will
Disclosure	A statement of facts made by the buyer about the condition of a property being sold and its surrounding area, required by law in most US states
Discount point	A unit of measurement used for loan charges, with one point equaling 1 percent of the value of the loan
Dower	The rights of a spouse to the property of their deceased spouse
Down payment	The amount of the purchase price of a property paid in cash (i.e. not financed with a mortgage) that is required to secure the property; typically 20%
Dual agency	Representation of opposing parties in a transaction (e.g. when a realtor is the agent for both buyer and seller); requires consent of both parties to be allowed, and is illegal in some US states
Due-on-sale clause	A provision in a mortgage allowing the lender to demand payment of the entire balance of the note if the mortgagor sells or otherwise transfers the property

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Real Estate Tips Real Estate Contracts >Sales Contracts The purchase or sale of a home is one of the most complicated business transactions most people will be involved in during their lifetime. Whether the print is large or small, there is a lot of it! The purchase agreement covers not only the price of the property, but has many paragraphs governing the terms under which it will be conveyed to the new owners. When you list your home for sale or when you begin your search for a new home, ask your real estate agent for a copy of the standard sales agreement. Familiarize yourself with the document ahead of time, and make certain you understand the responsibilities of both parties between the initial meeting of the minds and the closing date. You should be aware of all of the deadlines in the purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing. You greatly increase the chances of a smooth transaction by being fully informed about the sales contract. See All Tips In The "Real Estate Contracts" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories > Real Estate Trivia Q  Upon completion this year, what will be the tallest residential building south of New York and east of Chicago? A  Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria. See More Real Estate Trivia >

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Nancy Watson Coldwell Banker Honig Bell 1957 DeKalb Avenue Sycamore, IL 60178 888-556-7653 Cell Phone:: 815-757-5470 Fax:: 815-756-6757 Email: nwatson@nancywatsonhomes.com Nancy Watson has been a realtor in DeKalb County for 36 years. She is a Graduate of the Realtors Institute of Illinois, and a Certified Residential Specialist. We are located approximately 60 miles west of Chicago. She can price your home in less than 24 hours. Relocation packages are available upon request. Nancy can show every listing in the community. Nancy is a member of Northern Illinois MLS. Let Nancy help you find your Dream Home Today! www.nancywatsonhomes.com is brought to you by Nancy Watson, real estate for DeKalb and Sycamore, Illinois Read Nancy Watson's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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