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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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Q
At the doors of what famous temple do you find yourself when you climb the 'Stairway to Heaven'?
A
The Temple of Heaven in Beijing, China, attracts the local faithful and tourists.
Lynn Garafola and Team Nest Builder RE/MAX Platinum Group 200 Woodport Road Sparta, NJ 07871 973-222-3777 Fax: 973-726-5757 LynnGarafola@NUMBER1EXPERT.com
Lynn Garafola, GRI, CRS, CLHMS, is a seasoned real estate veteran who has successfully closed more than $125 million in transactions and won numerous industry awards and accolades. Lynn has enjoyed helping over 400 families make moves in and out of Northern New Jersey over her 15 year career. Lynn is known for being a tireless advocate for her clients. When you are looking to buy, she takes the time to explore who you are and what you want, helping you discover what you need, what you like and what fits your budget. And then gets you into that home. When its time to sell, you can count on her guidance on preparing your home for sale and pricing it right. And then she takes over and markets it aggressively to get it sold for you. Not only is she very knowledgeable about the housing market in New Jersey, she is very personable and professional and stays in touch after the sale. You can count on Lynn to take care of ALL of your real estate needs. Call or email Lynn@MyNestBuilder.com today for an appointment with your real estate needs.
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