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Glossary of terms used on this site

There are 202 entries in this glossary.
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Term Definition
Conventional loan

Real estate loan that is not insured by the FHA or guaranteed by the VA.

Convey

To transfer property from one person to another.

Conveyance

Document used to transfer title. A deed is a conveyance.

Cooperative

Land and building owned or leased by a corporation which in turn leases space to its shareholders, who are also part owners of the building and have a proprietary lease. In lieu of rent, they each pay a proportionate monthly or quarterly fixed rate to cover operating costs, mortgage payments, taxes, etc.

Counteroffer

An offer made in response to an earlier, unacceptable one; it terminates the original offer.

Credit report

A past history of debt repayment used by creditors as an indicator of future readiness to responsibly repay debt.

Deed

Written document that when executed and delivered conveys title to real property.

Deed of trust

Document resembling a mortgage that conveys legal title to a neutral third party as security for a debt. Also called a trust deed or deed in trust.

Deed restrictions

Provisions placed in deeds to control how future landowners may or may not use the property. Also called deed covenants.

Default

Breach of a contract or failure to meet a legal obligation. Nonpayment of a mortgage beyond a certain number of payments is considered a default.

Deficiency judgment

Judgment issued against a borrower when the sale of foreclosed property does not bring in enough to pay the balance owed on the mortgage.

Delinquent loan

One where the borrower is behind, or late, in payments.

Depreciation

Gradual decline on paper in market value of real estate, especially because of age, obsolescence, wear and tear, or economic conditions.

Discount broker

Full-service broker who charges less than the prevailing commission rates in his or her community.

Discount points

Added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans.

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