Real Estate Glossary - D

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Debt-to-income Ratio: When you apply for a mortgage, the lender looks at the amount of debt you will have relative to your income. Acceptable limits generally range from 33 to 40 percent.

Deed: Written instrument by which the ownership of land is transferred from one person to another.

Deed of Trust: Written instrument by which title to land is transferred to a trustee as security for a debt or other obligation.

Default: You are officially in default when you fail to make two or more monthly mortgage payments on time. This does not automatically indicate that you will lose your home, however. Many lenders will help you work to find a solution, as foreclosure is expensive for the lender.

Delinquency: Comes before default. Your loan is in delinquency when you fail to provide one month's mortgage payment on time.

Deposit Receipt: Used when accepting "Earnest Money" to bind an offer for property by a prospective purchaser; also includes terms of a contract.

Down Payment: Percentage of the purchase price you will provide in cash up front.

Due on Sale Clause: An acceleration clause that requires full payment of a mortgage or deed of trust when secured property changes ownership.

CALL ME at 678-617-7167 to discuss your Real Estate needs. We are hard working, dedicated and honest in our approach to our clients and the industry as a whole. .

Mark Tidwell 678.617.7167
Linc Realty of Atlanta 678.394.3200

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