Debt-to-Income Ratio - The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debt is divided by his/her gross monthly income. See housing expenses-to-income ratio.
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Dedication - The setting aside of certain land by the owner and declaring it to be for public use. Examples: streets, sidewalks and parks.
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Deed - A document by which title (interest) to real property is transferred from one person to another. The deed should contain an accurate legal description of the property being transferred, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. There are different types of deeds for different circumstances, such as a survivorship deed.
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Deed of Trust - Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: 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 defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few States have begun in recent years to treat the deed of trust like a mortgage.
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Deed Restriction - A provision contained in a deed imposing restrictions or limits on the use or occupancy of the real estate described in the deed, or the type, size, purpose or location of improvements to be constructed on it.
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Default - Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a loan.
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Deferred Interest - When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. See negative amortization.
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Delinquency - Failure to make loan payments on time.
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Department of Veterans Affairs (VA) - An independent agency of the federal government that guarantees long-term, low or no down payment mortgages to eligible veterans.
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Depreciation - A loss in value in real property brought about by age, action of the elements, physical deterioration, functional or economic obsolescence. Broadly, a loss in value from any cause. The opposite of appreciation.
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Developer - A person or entity who prepares raw land for building sites, and sometimes builds on the site.
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Devise - A gift of real estate made by a will.
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Discount Rate - The rate of interest charged by the Federal Reserve on loans it makes to member banks. This rate has an influence on the rates bands then charge their customers.
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Documentary Stamps - A State tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each State. Some states do not require stamps.
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Dominant Estate - The property for the benefit of which a right-of-way easement exists across another's adjoining piece of land is said to be the dominant estate. The land across which the easement runs is said to be the servient estate.
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Dower - A fractional estate for life or fee simple to which a married woman or man by statute is entitled on the death of his/her spouse. In most states, it is a life or fee estate of one third of the value of all land which the husband/wife owned during their marriage.
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Down Payment - Money paid to make up the difference between the purchase price and the loan amount.
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Due-on-Sale-Clause - A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the loan if the original borrower sells the home.
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