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Abstract of judgment,law
The summary of a court judgment that creates a lien against a property when filed with the county recorder.
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Accelerated cost recovery system
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.d
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Accelerated depreciation
A bookkeeping method that depreciates property faster in the early years of ownership.
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Acceleration clause
A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
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Acceptance
The seller's written approval of a buyer's offer.
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Access
Any means by which a person can enter property.
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Accessibility
The degree to which a building or site allows access to people with disabilities.
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Accretion
The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
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Acknowledgment
A written declaration affirming that a person acted voluntarily.
Acre
A measurement of land equal to 43,560 square feet.
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Acre foot
The volume of material needed to cover an acre of land one foot deep.
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Active solar system
A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
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Actual age
The number of years a structure has been standing.
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Addendum
An addition or change to a contract.
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Additional principal payment
Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
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Add-on interest
The interest a borrower pays on the principal for the duration of the loan.
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Adjustable-rate mortgage (ARM)
A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
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Adjusted cost basis
The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.
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Adjustment period
The amount of time between interest rate adjustments in an adjustable-rate mortgage.
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Administrator
A person given authority to manage and distribute the estate of someone who died without leaving a will.
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Administrator's deed
A legal document that an administrator of an estate uses to transfer property.
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Adverse possession
The acquisition of title to property through possession without the owner's consent for a certain period of time.
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Adverse use
The access and use of property without the owner's consent.
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Aeolian soil
Soil that is composed of materials deposited by the wind.
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Affiant
A person who makes a sworn statement.
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Affirmation
A substitution for an oath granted to people based on religious reasons.
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A-frame design
An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
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Agency
The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
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Agency closing
The process by which a lender uses a title company or other firm as an agent to complete a loan.
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Agent
A person licensed by the state to conduct real estate transactions.
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Agreed boundary
A compromise boundary to which property owners agree in order to resolve a dispute.
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Agreement of sale
A document the buyer initiates and the seller approves that details the price and terms of the transaction.
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Alcove
A recessed section of a room, such as a breakfast nook.
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Alienation clause
A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
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Alkali
Mineral salt found in soil.
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Alkaline soil
Soil that contains a higher concentration of mineral salt than natural acid.
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Alley
A lane behind a row of buildings or between two rows of buildings.
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Allowances
Budgets offered by builders of new homes for the purchase of carpeting and fixtures.
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Alternative mortgage
Any home loan that does not conform to a standard fixed-rate mortgage.
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Aluminum siding
A metal covering that provides an alternative to paint for owners of wood homes.
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Aluminum-clad windows
Wooden windows with aluminum covering the exterior.
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Amenities
Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
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American Society of Home Inspectors
The American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743-2744.
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Americans with Disabilities Act
A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications.
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Amortization
The process of paying the principal and interest on a loan through regularly scheduled installments.
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Amortization tables
Mathematical tables that lenders use to calculate a borrower's monthly payment.
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Amperage
The strength of an electrical current.
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Anchor bolt
A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
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Annual
Any kind of plant that must be planted every year.
Annual mortgagor statement
A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
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Annual Percentage Rate (APR)
The cost of the loan expressed as a yearly rate on the balance of the loan.
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Annuity
The payment of a fixed sum to an investor at regular intervals.
Anticipatory breach
A communication that informs a party that the obligations of the original contract will not be fulfilled.
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Application
A document that details a potential borrower's income, debt and other obligations to determine credit worthiness.
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Application fee
The fee that a lender charges to process a loan application.
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Appraisal
An opinion of the value of a property at a given point in time.
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Appraisal fee
The fee that an appraiser charges to estimate the market value of the property.
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Appraisal report
A detailed written report on the value of a property based on recent sales of comparable sites in the area.
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Appraised value
An opinion of the current market value of a property.
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Appreciation
An increase in the value of a home or other property..
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Arbitration
A method of resolving a dispute in which a third party renders a decision.
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Arbor
An area shaded by trees, shrubs or vines on a latticework structure.
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Arch
A curved structure that supports weight over an area, such as a doorway.
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Architect
A licensed professional who designs homes, buildings and other structures.
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Architectural fees
The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget.
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Arpent
A French measurement of land equal to .84625 acres.
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Asbestos
A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
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As-is condition
The purchase or sale of a property in its existing condition.
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Asking price
A seller's initial price for a property.
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Assessed value
A tax assessor's determination of the value of a home in order to calculate a tax base.
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Assessment
The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
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Assessment rolls
A list of taxable property compiled by the assessor.
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Assets
Items of value which include cash, real estate, securities and investments.
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Assignor
A person who transfers rights and interests of a property.
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Assumable mortgage
A mortgage that can be transferred to another borrower.
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Assumption clause
A provision that allows a buyer to take responsibility for the mortgage from a seller.
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Assumption fee
A fee the lender charges to process new records for a buyer who assumes an existing loan.
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Average price
The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes.
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Avigation easement
An easement over private property near an airport that limits the height of structures and trees.
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Awning windows
Single-sash windows that tilt outward and up.
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Back fill
Soil used to solidify the foundation of a structure.
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Back title letter
A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
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Back-to-back escrow
Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
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Backup offer
A secondary bid for a property that the seller will accept if the first offer fails.
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Backwater valve
A valve in a sewer line that prevents sewage from flowing back into a house.
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Balance sheet
A statement that shows the assets, liabilities and net worth of an individual.
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Balloon loan
A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
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Balloon payment
The final lump sum payment due at the end of a balloon mortgage.
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Balloon-frame construction
A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
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Balustrade
Railing held up by a set of posts on a porch or stairway.
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Bankruptcy
A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
Bargain sale
The sale of a piece of property for less than market value.
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Baseboard
Any board or molding found at the bottom of an interior wall.
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Baseboard electric heat
Heating units installed in the floor that can be controlled by a central thermostat.
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Basement
The area of a home below ground level.
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Basis Point
A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
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Bay
The opening between two columns or walls that forms a space.
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Bay window
A window that projects outward in a curve.
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Bearing wall
A wall that supports its own weight in addition to other parts of a structure.
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Before-tax income
Total income before taxes are deducted.
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Beneficiary
The lender who makes a loan, also called a mortgage. The person borrowing money is the mortgagor.
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Bequest
Personal property given to a person through a will.
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Betterment
An improvement that increases a property's value as opposed to repairs that maintain the value.
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Bidding war
Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
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Bilateral contract
A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
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Bill of sale
A document that transfers ownership of personal property.
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Binder
A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
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Biweekly mortgage
A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
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Blanket insurance policy
A policy that covers more than one person or piece of property.
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Blanket mortgage
A mortgage that covers more than one property owned by the same borrower.
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Blighted area
A neighborhood that has deteriorated.
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Blind nailing
Nails driven into a wall and concealed with putty.
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Blue sky laws
Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
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Blueprint
Detailed photographic print of plans or technical drawings showing the details of the construnction of a home.
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Blue-ribbon condition
A house maintained close to its original condition. Also called mint condition.
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Board foot
Measurement of lumber that is the equivalent of 144 cubic inches.
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Board of Equalization
A state board charged with ensuring that local property taxes are assessed in a uniform manner.
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Board-and-batten siding
Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
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Boilerplate
Form language used in deeds, mortgages and other documents. Details can be added by individual parties.
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Bona fide
A legal term that refers to actions or persons that are honest and in good faith.
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Bond
An agreement that insures one party against loss by acts or defaults of another party.
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Book value
The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
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Boring test
An analysis of soil in which holes are bored into the ground and samples are removed.
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Borough
A section of a city that has authority over local matters.
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Borrow
Sand, gravel or other material used for grading.
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Borrow pit
The hole at a site that has been excavated.
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Boulevard
A street lined with trees or constructed with a landscaped median.
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Boundary
The dividing line between two adjacent properties.
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Braced framing
A construction method in two-story homes in which the frame is reinforced with posts and braces.
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Breach of contract
The failure to perform provisions of a contractwithout a legal excuse.
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Breach of covenant
The failure to obey a legal agreement.
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Breach of warranty
A seller's inability to pass clear title to a buyer.
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Break-even point
The point in which the owner's rental income matches expenses and debt.
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Breast height
The height at which the diameter of a tree is measured: four feet, six inches above the ground.
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Breezeway
A roofed passageway with open sides.
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Brick
Building material made from clay molded into oblong blocks and fired in a kiln.
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Bridge loan
A short-term loan for borrowers who need more time to find permanent financing.
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Broker
A person licensed by the state to deal in real estate.
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Brokerage
The act of bringing together two or more parties in exchange for a fee or commission.
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Broom clean
The ideal condition of a building when it is turned over to an owner or tenant.
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Brownstone
A vintage row house constructed of red sandstone.
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Buffer strip
A parcel of land that separates two or more properties.
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Builder upgrades
Extra house features or better finishing materials that a builder offers.
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Building and loan association
An organization that raises money to helps its members purchase real estate or construct a building.
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Building code
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
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Building inspector
A city or county employee who enforces the building code and ensures that work is correctly performed.
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Building line or setback
Guidelines that limit how close an owner can build to the street or an adjacent property.
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Building moratorium
A halt on home construction to slow the rate of development.
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Building paper
A thick, water-resistant paper that serves as insulation.
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Building permit
A permit issued by a local government agency that allows the construction of home or renovation of a house.
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Building restrictions
Regulations that limit the manner in which property can be used.
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Built-ins
Appliances or other items that are framed into a home or permanently attached.
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Bulkhead
A retaining wall designed to hold back water from the ocean or another body of water.
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Bundle of rights
The various interests or rights an owner has in a property.
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Bungalow
A small one-story house or cottage.
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Butterfly roof
A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
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Buy-down mortgage
A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
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Buyer broker
A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
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Buyer's market
A slow real estate market in which buyers have the advantage.
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Buyer's remorse
An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
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Bylaws
The rules and regulations that a homeowners association or corporation adopts to govern activities.
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Call option
A clause in a loan agreement that allows a lender to ask for the balance at any time.
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Can lights
Cylindrical chambers with bulbs recessed into the ceiling.
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Cancellation clause
A clause that details the conditions under which each party may terminate the agreement.
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Cantilever
A projecting structure supported on one end, such as a balcony.
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Cap
A limit on the amount the interest rate or monthly payment can increase in an adjustable-rate mortgage.
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Cape Cod style
A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.
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Capital
Money used to create income, such as funds invested in rental property.
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Capital expenditure
The cost of making improvements on a property.
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Capital gains
Profits an investor makes from the sale of real estate or investments.
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Capital gains tax
A tax placed on the profits from the sale of real estate or investments.
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Capital improvement
Any improvement that extends the life or increases the value of a piece of property.
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Capitalization
A mathematical formula that investors use to compute the value of a property based on net income.
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Capitalization rate
The percentage rate of return estimated from the net income of a piece of property.
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Caravan
A group of real estate agents who tour a house that has been recently listed for sale.
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Carport
A roof that covers a driveway or other parking area.
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Casement window
A window hinged on its sides to allow it to swing open vertically.
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Cash flow
The amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross income.
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Cashier's check
A check the bank draws on itself rather than on a depositor's account.
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Cash-out refinance
The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.
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Cathedral ceiling
A high open ceiling formed by finishing exposed roof rafters.
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Caulk
An acrylic or silicon sealant used to fill cracks, crevices and holes in a home.
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Caveat
A formal notice, that asks a court to suspend action until the party which filed the challenge can be heard.
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Caveat emptor
A legal principle derived from Latin than means "let the buyer beware."
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Cavedium
A courtyard or atrium.
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Ceiling height
The standard height of a ceiling is eight feet.
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Central air conditioning
A device that generates cold air through an outside unit that is connected to ductwork inside the house.
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Central business district
The area of a city where most large businesses are located.
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Certificate of Deposit (CD)
A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.
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Certificate of deposit index
An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable-rate mortgages.
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Certificate of eligibility
A document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program.
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Certificate of occupancy
A document which states that a home or other building has met all building codes and is suitable for habitation.
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Certificate of sale
A document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the purchase of the property.
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Certificate of title
A written opinion on the status of a piece of property based on an examination of the public record.
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Chain of title
The official record that details the ownership history of a piece of property.
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Chair railing
Decorative trim installed on a wall about 32 inches above the floor, which protects against scuffs from furniture.
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Change frequency
The adjustment schedule on an adjustable-rate mortgage.
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Change order
A modification of the construction contract to authorize a change in the work, an adjustment in the amount of the contract or a change in the contract time. The owner, architect and contractor must sign the change.
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Chattel
Personal property such as furniture, clothing or a car.
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Chattel mortgage
A lien on personal property used as collateral for a loan.
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Chimney back
The back wall or lining of a fireplace or furnace chimney.
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Chimney flue
The passage inside a chimney that channels smoke and heat to the outside.
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Chimney pot
A short pipe at the top of a chimney that increases ventilation to the fireplace and reduces smoke.
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Cinder block
A block made of ash and cement that is used in construction.
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Cinder fill
Cinders used below a basement or around a foundation to promote drainage.
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Circuit breaker
An electric fuse that activates or deactivates a circuit.
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Cistern
A tank used to store rainwater.
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Classified property tax
A tax that varies in rate depending on the use of the property.
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Clear title
A property that does not have liens, defects or other legal encumbrances.
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Closing
The final procedure in which documents are signed and recorded, and the property is transferred.
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Closing costs
Expenses incidental to the sale of real estate, including loan, title and appraisal fees.
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Closing statement
A document which details the final financial settlement between a buyer and seller and the costs paid by each party.
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Cloud on title
An invalid encumbrance on real property.
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Cluster development
A method of squeezing more homes into less space.
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Codicil
A change to a will that adds or subtracts provisions or clarifies portions of the document.
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Co-housing
Individual housing units that are clustered around a common building where residents share cooking and other activities.
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Coign
The cornerstone of a building that differs in shape or color from the rest of the wall.
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Co-insurance
Coverage that involves the use of two or more insurers..
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Collar beam
The structural element that connects roof rafters.
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Collateral security
Additional security that a borrower supplies to obtain a loan.
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Collection
The series of steps a lender takes to bring a delinquent mortgage up to date.
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Collusion
The action of two or more people to break the law.
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Colonia
Unincorporated communities along the U.S.-Mexico border.
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Column
A slender upright structure that consists of a base, a round or square shaft and a capital.
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Column footing
The support base for a load-bearing column. The footing is usually made of reinforced concrete.
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Co-maker
A person who signs a promissory note with the borrower and assumes responsibility for the loan.
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Combination door
An outer door with interchangeable screen and glass panels.
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Combination window
A window with interchangeable screen and glass panels.
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Commercial bank
A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
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Commercial property
An area that is zoned for businesses.
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Commingling
The mixing of money held in trust with other funds.
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Commission
The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.
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Commitment
A promise by a lender to make a loan with specific terms for a specified period.
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Commitment fee
The fee a lender charges for promising to make a loan.
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Common area
An area inside a housing development that is owned by all residents.
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Common law
A body of laws based on custom, usage and rulings by courts in various jurisdictions.
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Common-area assessments
Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common areas.
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Common-interest development
A project composed of individually owned units that share usage and financial responsibility for common areas.
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Community property
Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.
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Community Reinvestment Act
A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live.
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Commute
The distance and time it takes a person to reach the workplace.
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Comparables
Properties used as comparisons to determine the value of a certain property.
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Comparative market analysis
An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
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Competent
A term for a buyer who is legally fit to enter into a sales contract.
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Compound interest
The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.
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Concrete tilt-up
The process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls.
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Condemnation
The process the government uses to take private property for public use without the consent of the owner.
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Conditional commitment
A promise by a lender to make a loan if the borrower meets certain conditions.
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Condominium
Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
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Condominium conversion
The change in title from a single owner of an entire project or building to multiple owners of individual units.
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Conduit
A metal pipe that houses electrical wiring.
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Consent judgment
A binding written agreement between two parties to have a judgment entered and recorded.
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Conservator
A court-appointed guardian.
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Consideration
Anything that is legal, has value and induces a person to enter into a contract.
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Construction budget
The funding that an owner arranges for the construction of a project.
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Construction documents
Drawings and specifications from an architect that provide detailed requirements for the construction of a project.
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Construction loan
Short-term loans a lender makes for the construction of homes and buildings. The lender disburses the funds in stages.
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Construction to permanent loan
The conversion of a construction loan to a longer-term traditional mortgage after construction has been completed.
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Consumer Credit Counseling Service (CCCS)
A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.
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Contemporary style
A design that features streamlined shapes, large unadorned windows and industrial materials.
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Contiguous lots
Pieces of property that are adjoined.
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Contingency
A condition specified in a purchase contract, such as a satisfactory home inspection.
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Contingency listing
A property listing with a special condition attached.
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Contingent fee
A fee that must be paid if a certain event occurs.
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Contract
An agreement between two or more parties that creates or modifies an existing relationship.
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Contract for deed
A contract in which the seller agrees to defer all or part of the purchase price for a specified period of time.
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Contract to purchase
A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
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Contractor
The individual who contracts for the construction of a home or project.
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Contractual lien
A voluntary obligation such as a mortgage or trust deed.
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Controlled growth
Any restrictions imposed on the amount or type of new development in an area.
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Conventional loan
A long-term loan a lender makes for the purchase of a home.
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Convertible adjustable-rate mortgage
A mortgage which starts as an adjustable-rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time.
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Conveyance
The transfer of title of property.
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Conveyance tax
A tax imposed on the transfer of real property.
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Cooperating broker
A real estate broker who finds a buyer for a property that another broker has listed.
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Cooperative corporation
A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.
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Cooperative mortgages
Any loans related to a cooperative residential project.
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Cooperative project
A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
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Corner bead
A reinforcement placed in the corner where two walls intersect.
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Corner influence
The effect on the value of a property because it is situated on a corner or near a corner.
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Cornice
A horizontal molding that projects from the top of a structure or wall.
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Corporate relocation
An arrangement by which employers pay to transfer and move employees.
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Corrective work
Necessary or desired repairs to remedy problems uncovered by a home or specialized inspection.
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Co-signer
A second party who signs a promissory note and takes responsibility for the debt.
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Cost-plus contract
A construction contract that determines the builder's profit based on a percentage of the cost of labor and materials.
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Cottage
A small, one-story house.
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Counteroffer
A response to an offer.
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Covenant
A legal assurance or promise in a deed or other document, or implied by the law.
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Covenants, conditions and restrictions (CC&Rs)
Rules and regulations for a development, such as acceptable landscaping or improvements that can be made to individual units.
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Craftsman style
An architectural style that evolved as part of the Arts and Craft movement near the turn of the century.
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Crawl space
The space between the ground and the first floor of a home, usually no higher than four feet.
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Creative financing
Innovative home-financing arrangements that help sell a property.
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Credit
The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame.
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Credit history
A record of an individual's current and past debt payments.
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Credit life insurance
Insurance that pays off a mortgage in the event of the borrower's death.
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Credit rating
The degree of credit worthiness assigned to a person based on credit history and financial status.
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Credit report
A credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW ).
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Credit repository
Large companies that gather financial and credit information from various sources about individuals who have applied for credit.
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Credit union
Nonprofit cooperative organizations that provide banking and financial services, including mortgages, home improvement loans and home equity loans, to their members.
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Creditor
An individual or institution to whom a debt is owed.
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Cross-bridging
The strengthening of a structure by bracing cross members between beams.
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Cul de sac
A street or alley that is closed at one end.
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Cupola
A dome-like structure that sits on top of a roof.
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Curable defect
A deficiency in a property that is easy or inexpensive to fix, such as chipping paint.
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Curb appeal
The first impression of a house as seen from the street.
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Curtain wall
An exterior wall that encloses a yard or other area but does not provide any structural support to a home.
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Custom builder
A builder who constructs a home or building based on plans created by the owner.
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Custom home
A structure designed by an architect hired by the owner.
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Damper
A movable plate in a fireplace that allows smoke and fumes to travel up the chimney's flue.
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Days on the market
The period of time a property is listed for sale until it is sold or taken off the market
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Deadbolt lock
Locks that require a key to open from the outside and a turn button from the inside.
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Debt
Any amount one person owes to another.
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Deck
A roofless, floored area that adjoins a house.
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Deed
The legal document that transfers ownership of a piece of property.
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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.
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Deep-seal floor drain
A drain used to dispose of water from the basement floor to a sewer line.
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Default
The failure to fulfill a duty or promise or discharge an obligation, such as making monthly mortgage payments.
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Deferred maintenance
Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.
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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.
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Density test
An analysis of soil to determine if the surface can support the foundation of a house.
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Dentils
Small rectangular blocks that project from a building, usually under cornices or along rooflines.
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Deposit
Money given by the buyer with an offer to purchase property. Also called earnest money.
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Depreciation
The decline in value of a piece of property.
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Design/build
A project in which the owner contracts directly with an individual or company to perform design and construction.
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Designer
Unlike architects, designers are limited to drawing blueprints.
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Digital images
Images that are incorporated into house listings to give potential buyers a view of the property.
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Dimension plans
Plans which show the layout of a house but are less detailed than full blueprints.
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Disability insurance
An insurance policy which covers an individual's ability to produce income.
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Disclosure
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
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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.
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Distressed property
Property that is in poor physical or financial condition.
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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.
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Domed ceiling
A hemispherical ceiling that projects upward without support.
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Domicile
A person's primary or permanent home.
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Dormer
A window set upright in a sloping roof.
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Double-hung window
A window that consists of two sashes that slide up and down.
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Dovetail joints
Joints that lock two pieces of wood together with meshed teeth.
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Down payment
The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.
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Down spouts
A vertical gutter that empties water from the roof to the ground.
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Drainage
A system of gutters and drainpipes that carry water away from the foundation of a house.
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Draw
A payment made to subcontractors or suppliers from a construction loan.
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Dropped ceiling
A flat ceiling built lower than the original ceiling.
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Dry rot
A fungal decay that causes wood to become brittle and crumble.
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Drywall
A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs.
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Dual agency
A relationship in which a real estate agent or broker represents both parties in a transaction.
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Duct
Any kind of pipe or channel that carries water, wiring or conditioned air through a house.
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Due-on-sale clause
Standard language in a mortgage which states that the loan must be paid when a house is sold.
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Duplex
A structure that consists of two separate family units.
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Dutch colonial style
A design that features barn-like gambrel roof, a ground-level front porch, and dormers.
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