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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 >If You Are Self Employed
There's no question that it could be more difficult for you to get a mortgage loan if you are a free lance viola player than if you are a government accountant. Traditionally, lenders have been more cautious when evaluating loan applications of buyers who are self-employed than people who work for a regular salary.
However, if you are self-employed, there is no reason for you to shy away from applying for a home mortgage loan, especially if your earnings have been in the same field for at least two years. It is a good idea to meet with one or more loan officers before you begin your search. They will probably want to analyze your tax returns for the past 2 or 3 years, keeping in mind that many self employed people can look impoverished on paper, since you can write off some expenses that salaried individuals can not. Try to get pre-approval from the lender, and ask for a letter stating that you have pre-qualified for a loan which your real estate agent can attach to any offer you submit on a home. This will make you more attractive to the sellers.
Leigh Hill Weichert Realtors 142 Main Street Chester New Jersey 07930 Leigh Hill's Cell : 908-256-2364 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.
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