The HomeTeam Real Estate Glossary

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RE/MAX Valley Real Estate The HomeTeam Jack Pearce Al Leonard Phone: (330) 720-3619	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 debt An amount owed to another. See installment loan and revolving liability. debt-to-income ratio (DTI) The percentage of a consumer's monthly gross income that goes toward paying debts. (Speaking precisely, DTIs often cover more than just debts; they can include certain taxes, fees, and insurance premiums as well. (Full discussion.) deed The legal document conveying title to a property. deed-in-lieu A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance." deed of trust The document used in some states instead of a mortgage; title is conveyed to a trustee. deed restrictions Restrictions placed within a deed that control the use of the property. Restrictions travel with the deed, and cannot generally be removed by new owners. default Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage. deficiency judgment (also spelled Deficiency judgement) A judgment lien against a debtor, defendant or borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full delinquency Failure to make mortgage payments when mortgage payments are due. deposit A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan. See earnest money deposit. depreciation A decline in the value of property; the opposite of appreciation. See Comparative Market Analysis. disclosure laws Disclosure laws vary by state, but in Ohio, the law requires the seller to complete a real estate transfer disclosure statement. that is presented to the buyer before he makes an offer. See How do I get the real scoop on homes I'm looking at? discount points See points. dower The rights of a widow in the property of her husband at his death. down payment The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage. due-on-sale provision A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage. due-on-transfer provision This terminology is usually used for second mortgages. See due-on-sale provision.

The HomeTeam, Jack Pearce and Al leonard, Boardman Ohio REMAX real estate and homes for sale in Poland, Canfield, Youngstown, Austintown, Warren, Mahoning and Trumbull from REMAX Valley Real Estate.

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Glossary of Real Estate

The HomeTeam, Jack Pearce and Al Leonard, RE/MAX Valley Real Estate, Mahoning County, 1006 Boardman - Canfield Rd., Ohio 44512

RE/MAX
Valley Real Estate
The HomeTeam
Jack Pearce
Al Leonard
Phone: (330) 720-3619

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

debt
An amount owed to another. See installment loan and revolving liability.

debt-to-income ratio (DTI)
The percentage of a consumer's monthly gross income that goes toward paying debts. (Speaking precisely, DTIs often cover more than just debts; they can include certain taxes, fees, and insurance premiums as well. (Full discussion.)

deed
The legal document conveying title to a property.

deed-in-lieu
A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."

deed of trust
The document used in some states instead of a mortgage; title is conveyed to a trustee.

deed restrictions
Restrictions placed within a deed that control the use of the property. Restrictions travel with the deed, and cannot generally be removed by new owners.

default
Failure to make mortgage payments on a timely basis or to comply with other requirements of a mortgage.

deficiency judgment (also spelled Deficiency judgement)
A judgment lien against a debtor, defendant or borrower whose foreclosure sale did not produce sufficient funds to pay the mortgage in full

delinquency
Failure to make mortgage payments when mortgage payments are due.

deposit
A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan. See earnest money deposit.

depreciation
A decline in the value of property; the opposite of appreciation. See Comparative Market Analysis.

disclosure laws
Disclosure laws vary by state, but in Ohio, the law requires the seller to complete a real estate transfer disclosure statement. that is presented to the buyer before he makes an offer. See How do I get the real scoop on homes I'm looking at?

discount points
See points.

dower
The rights of a widow in the property of her husband at his death.

down payment
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

due-on-sale provision
A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.

due-on-transfer provision
This terminology is usually used for second mortgages. See due-on-sale provision.