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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

D

Deed

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

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! we are happy to answer ANY questions. It's our job! There's no obligation, and Leigh and Maria promise to get back to you quickly... 

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Real Estate Tips
Buying Land and New Construction >Building and Designing

If you are planning to build a new home, you should take full advantage of the opportunity to design a custom-built home that meets your needs and includes all the amenities you want. Create a professional-quality kitchen for the "gourmet cook" in the family, include space for a home office, and place the master suite at the opposite end of the house from the kids. Enjoy designing your dream home!

This may be the biggest project of your lifetime. Be certain to select a team of highly qualified professionals to work with you. Your home team should consist of a real estate salesperson, an architect, a builder, and a lender. Your "Dream Team" will assure that all the legal requirements are met as your dream home is being built. Interview each member of your team and ask for references, in order to be confident you are hiring the best people for the job. You will be working closely with these professionals for many months, so choose your team carefully.

See All Tips In The "Buying Land and New Construction" Category >
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Real Estate Trivia
Q 
Which U.S. hotel has more fountains than any other hotel in the world?

A 
The Bellagio Hotel in Las Vegas, Nevada has more than 1,000 fountains embellishing an 11+ acre artificial lake.
See More Real Estate Trivia >


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The Leigh Hill Team, REALTOR®, real estate agent and broker for Chester, Long Valley and Mendham, New Jersey home listings, property and land for sale - NUMBER1EXPERT
The Leigh Hill Team, REALTOR®, real estate agent and broker for Chester, Long Valley and Mendham, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Leigh Hill and Maria Dudley
Weichert Realtors

142 Main Street
Chester
New Jersey 07930
Leigh Hill's Cell : 908-256-2364
Maria Dudley's Cell: 201-274-5273
E-Fax : 1-888-859-0247
E-Mail: leighHill@aol.com

The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her and Maria's clients. Leigh and Maria are responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.


Weichert Realtors real estate and homes for sale in Chester, Mendham and Long Valley New Jersey

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