Glossary in letter d

Damper

A plate that is movable in a fireplace allowing smoke and fumes to escape upwards the chimneys flue.

Debt Assumption Letter

The Formal Transfer of debts from one party to another, backed up by a contract of assumption signed by both parties.

Decorating Allowance

An amount of money supplied by the seller to be applied for negotiable decorating purposes.

Deeds

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

Deed of trust

A document that gives the lender the right to foreclose a piece of property if the burrower refuses to payoff the loan.

Digital Images

Images or photos that are incorporated into the house listing to give potential buyers a better view of the property.

Dimension Plans

Plans that show the layout of a house but are less detailed comparing to the full blueprint.

Disability Insurance

An insurance policy that give coverage an individuals ability to produce income.

Disclosure

A statement of document to a potential buyer which lists information relevant to a piece of property (e.g.: lead paint).

Discount Points

Fees that a burrower pays when the lender makes that loan, in order to get a lower interest rate. Lenders offer various point combination systems, normally borrowers pay points to adjust the interest rates to the market rate. (1 point = 1% loan amount)

Distressed Property

Property that is in Poor Physical or financial Condition.

Document Needs List

A list of required documents a borrower needs to submit to the lender in order to obtain a loan. (e.g.: Paychecks stubs and credit cards statements)

Down Payment/dt>

The pricing difference between purchase price and the portion of the purchase price financed by a lender.

Dual Agency

A relationship in which a real estate agent or broker represents both parties in a transaction.

Dual Agent

An agent who represents both buyers and seller in any transaction, strict disclosure is normally require in order for such arrangements to be in order.

Duct

A rigid metal or flexible insulated tube, designed to deliver air to and from a furnace.

Ductwork

A system of large tubes, pipes and channels designed to deliver air to and fro a furnace.

Due-on-sale Clause

A standard language used in a mortgage meaning a loan must be paid when a house is sold.

Duplex

A structure that consists of two separate family units.

Duplex Receptacle

An electric outlet that accepts 2 lighting or appliance plugs.dd>

Dutch Colonial Style

A house design that features a barn-like gambrel roof, a ground-level front porch, and dormers.