Definitions - D

Declaration of Restrictions: A set of restrictions filed by a subdivider to cover an entire tract or subdivision.
Deed of Trust/Mortgage: An instrument given by the borrower to a third party (trustee) vesting title to the property in the trustee as security for the borrower's repayment of the mortgage loan.
Deed of Trust Rider: The document required by the lender to be recorded along with the security instrument for an ARM.
Deed Restriction: Provision placed in a deed to control use and occupancy of the property by future owners.
Default: Failure to make mortgage payment or violates other provision of the mortgage note.
Deficiency Judgment:: Personal claim against the debtor, when foreclosed property does not yield enough at the sale to pay off the loans and interest against it.
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 Endorsement: A lender that can complete the processing and closing of an FHA loan without prior approval from FHA.
Direct Reduction Mortgage: An amortized mortgage. One on which principal and interest being computed on the remaining balance.
Discount: A loan funded below par (100%). Lenders or investors will fund loans at a discount in order increase the overall yield on the note.
Discount: In 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.
Disbursements: Payments made during the course of an escrow or at closing.
Documentary Tax Stamps: Stamps, affixed to a deed, showing the amount of transfer tax.
Dower: The rights of a widow to a portion of her deceased husband's property.
Down payment: Cash to be paid by the buyer at closing to consummate a real estate transaction.
Dragnet Clause: A clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.


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