Real Estate Glossary - Letter D

Date of closing

The date on which the real estate transaction is finalized; buyer pays the seller and seller delivers the deed.

Days on the market

Period when a property was first listed until it was sold.

Debt

Any amount of money owed to another person or entity.

Declaration of trust

An official document where a trustee acknowledges legal hold to the title of a property as authorized by the beneficiary of the trust.

Decree of foreclosure

A court decree allowing the lender to a mortgaged property due to the inability of the property owner to settle amount due.

Deductions

Any miscellaneous amount that is deducted from the gross amount to arrive at a net amount; usually for tax purposes.

Deed

A legal document that states contains details pertaining to the ownership of the property.

Deed in lieu of foreclosure

An option available to the property owner where lender is given the title or deed to the mortgaged property in exchange for halting foreclosure proceedings.

Deed restrictions

Any limitations indicated on the deed that pertains to the property’s use.

Default

Non-fulfillment of a financial obligation.

Defective title

An impaired title in which the claim of ownership is disputed.

Deferred payment option

An option in which borrower is allowed to pay .

Delinquent mortgage

A mortgage where borrower has been unable to fulfill mortgage payment obligations and will be due for foreclosure unless amount due is settled.

Demand note

A letter of demand which contains no date and authorizes lender to ask for payment anytime.

Deposit

An initial payment usually a certain percentage of the total amount made together with an offer for a property; also known as earnest money.

Deposit receipt

A receipt given to a person who made a deposit to secure an offer made to a real estate property; given by the owner to signify acceptance of the offer.

Depreciation

Any decrease in a property’s market value.

Developer

Any landowner or agent of the landowner that improves and then sells the developed property for profit.

Disability

The lack of legal capacity a person has to perform or fulfill an obligation.

Disclosure

Any relevant details pertaining to the property provided to potential buyers.

Distressed property

A property in financial trouble and must be sold to pay mortgage dues.

Documentary stamps

Government stamps issued as tax payments; required for transfers, deeds and mortgages; amount depends on the State.

Down payment

The partial payment made by a buyer to the lender as soon as a sales agreement has been reached.

Dual agency

An agency that performs a single transaction on behalf of two principals at the same time.

Due Process

A legal principle involving a person’s right to fair and adequate process before deprivation of life, liberty or property.