David Saks: David Saks' Glossary of Real Estate & Mortgage Terms : The D's

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David Saks' Glossary of Real Estate & Mortgage Terms : The D's

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David Saks'

Glossary of Real Estate and Mortgage Terms

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Declaration of Restrictions

A set of restrictions filed by a subdivider to cover an entire tract or subdivision.

Defective Title

Title to a negotiable instrument obtained by fraud. Title to real property which lacks some of the elements necessary to transfer good title.

Depreciation

Decrease in value to real property improvements caused by deterioration or obsolescence.

Devise

Real estate left by will.

Devisee

One to whom real estate is given by will.

Devisor

A testator who leaves real estate.

Direct Reduction Mortgage

An amortized mortgage. One on which principal and interest being computed on the remaining balance.

Disbursements

Payments made during the course of an escrow or at closing.

Discount

Is an ARM with an initial discount, the lender gives up a number of percentage points of interest to give you a lower rate and lower payments for part of the mortgage term. After the discount period, the ARM rate will probably go up depending on the index rate.

Documentary Tax Stamps

Stamps, affixed to a deed, showing the amount of transfer tax.

Dragnet Clause

A clause in a mortgage or deed or trust which places the real estate as security for existing debts between the parties.



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Comment balloon 0 commentsDavid Saks • July 18 2008 05:50PM

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