Real Estate Terms Glossary

· 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 A hemispherical ceiling that projects upward without support.

· Domicile A person's primary or permanent home.

· Dormer A window set upright in a sloping roof.

· Double-hung window A window that consists of two sashes that slide up and down.

· Dovetail joints Joints that lock two pieces of wood together with meshed teeth.

· 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.

· Down spouts A vertical gutter that empties water from the roof to the ground.

· Drainage A system of gutters and drainpipes that carry water away from the foundation of a house.

· Draw A payment made to subcontractors or suppliers from a construction loan.

· Dropped ceiling A flat ceiling built lower than the original ceiling.

· Dry rot A fungal decay that causes wood to become brittle and crumble.

· Drywall A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs.

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

· Duct Any kind of pipe or channel that carries water, wiring or conditioned air through a house.

· Due-on-sale clause Standard language in a mortgage which states that the loan must be paid when a house is sold.

· Duplex A structure that consists of two separate family units.

· Dutch colonial style A design that features barn-like gambrel roof, a ground-level front porch, and dormers.

Real Estate Terms Glossary - D