Glossary of Real Estate Terms (da-do)

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

Damper

A movable plate in a fireplace that allows smoke and fumes to travel up the chimney's flue.

Days on the market

The period of time a property is listed for sale until it is sold or taken off the market

Deadbolt lock

Locks that require a key to open from the outside and a turn button from the inside.

Debt

Any amount one person owes to another.

Deck

A roofless, floored area that adjoins a house.

Deed

The legal document that transfers ownership of a piece of property.

Deed of trust

A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.

Deep-seal floor drain

A drain used to dispose of water from the basement floor to a sewer line.

Default

The failure to fulfill a duty or promise or discharge an obligation, such as making monthly mortgage payments.

Deferred maintenance

Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.

Delinquent mortgage

A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.

Density test

An analysis of soil to determine if the surface can support the foundation of a house.

Dentils

Small rectangular blocks that project from a building, usually under cornices or along rooflines.

Deposit

Money given by the buyer with an offer to purchase property. Also called earnest money.

Depreciation

The decline in value of a piece of property.

Design/build

A project in which the owner contracts directly with an individual or company to perform design and construction.

Designer

Unlike architects, designers are limited to drawing blueprints.

Digital images

Images that are incorporated into house listings to give potential buyers a view of the property.

Dimension plans

Plans which show the layout of a house but are less detailed than full blueprints.

Disability insurance

An insurance policy which covers an individual's ability to produce income.

Disclosure

A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

Discount points

Fees that a borrower pays at the time the lender makes the loan. A point equals 1 percent of the total loan amount.

Distressed property

Property that is in poor physical or financial condition.

Document needs list

A list of documents a lender requires when a potential submits a loan application.. The required documents range from paycheck stubs to credit card statements.

Domed ceiling