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
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Financing Your Home >Your Mortgage
Many homeowners overlook the mortgage payment as a tool for financial management. They get the mortgage, move in, make the payments, and pay off the loan eventually. Smart homeowners know that by properly adding to their monthly payments, even by a small amount, they can substantially reduce the term of their loan, not to mention the total interest they will pay. In fact, prepaying one full year of a standard mortgage can save thousands of dollars in interest. The key is to do it properly and to find the right lender for whom prepayment is not a problem.
More progressive lenders allow the option to add money to the monthly payment which goes directly to the principal. How much should you add? It's largely a personal decision, and it depends on your cash flow. But be mindful of the fact that the mortgage interest rate is probably the lowest interest loan you will find, so don't short yourself with prepayment only to run up credit card debt!
Charlie & Barbara Kaylor RE/MAX Communities The Dream Team 750 Hopmeadow Street Simsbury, CT 06070 Direct Telephone: (860) 392-9280 Office Telephone: (860) 651-6100 Direct Fax: (888) 392-9281 Email: TheDreamTeam@NUMBER1EXPERT.com
Charlie and Barbara Kaylor, The Dream Team, have over 30 years combined residential real estate experience. Charlie, Broker-Owner of RE/MAX Communities has been awarded the RE/MAX International Platinum Club status for outstanding sales volume for four consecutive years and is among the elite RE/MAX Hall of Fame recipients. Barbara's innovative marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley. They have two elementary school aged children and are deeply involved in their community. Partners in business and in life, The Dream Team is the best choice to help you with all of your real estate needs. Please visit www.CTDreamTeam.com to learn more about The Dream Team and the beautiful Farmington Valley area. Don't miss the 40 testimonials from their clients!
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