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- 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.
- De Jure Latin. Of
right; legitimate; lawful; by right and just
title.
- 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.
- Demise A conveyance
of an estate to another for life, for years,
or at will; lease.
- 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.
- Deposition The
testimony of a witness taken upon
interrogatories, not in court, but intended
to be used in court.
- 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.
- Devise A testamentary
disposition of land or realty; a gift of
real property by the last will and testament
of the donor.
- 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.
- Dower rights An
estate for life of the widow in certain
portion of the estate of her husband, to
which she has not relinquished her right
during the marriage.
- 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 Diligence The act
of responsibility to another.
- 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.
- Duress Unlawful
constraint exercised upon a person, whereby
he is forced to do some act against his
will.
- Dutch colonial style A design
that features barn-like gambrel roof, a
ground-level front porch, and dormers.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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