Real Estate Glossary

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Written document that when executed and delivered conveys title to real property.

Deed of trust
Document resembling a mortgage that conveys legal title to a neutral third party as security for a debt. Also called a trust deed or deed in trust.

Deed restrictions
Provisions placed in deeds to control how future landowners may or may not use the property. Also called deed covenants.

Breach of a contract or failure to meet a legal obligation. Nonpayment of a mortgage beyond a certain number of payments is considered a default.

Deficiency judgment
Judgment issued against a borrower when the sale of foreclosed property does not bring in enough to pay the balance owed on the mortgage.

Delinquent loan
One where the borrower is behind, or late, in payments.

Gradual decline on paper in market value of real estate, especially because of age, obsolescence, wear and tear, or economic conditions.

Discount broker
Full-service broker who charges less than the prevailing commission rates in his or her community.

Discount points
Added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans.

Initial cash investment made as evidence of good faith when purchasing real estate. It is usually a percentage of the sale price.

Clause in a note or mortgage giving the lender the right to call the entire loan balance due if the property is sold or otherwise conveyed.

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