REAL ESTATE GLOSSARY D
Damages:
Compensation or indemnity for loss owing for breach of contract, or a tort (civil wrong).
Date of Completion:
The date when the title to real property transfer to the new owner.
Debt Service Ratio:
The percentage of a borrower's gross income that can be used for housing costs (including mortgage payments and taxes). This is used to determine the amount of monthly mortgage payment the borrower can afford.
Deed Restriction:
An imposed restriction in a deed for the purpose of limiting the use of the land.
Demolition:
The tearing down or destruction of a structure. Usually, a demolition permit must be obtained from the local building department.
Depreciation:
A loss in value due to any cause.
Developer:
One who engages in the subdivision or improvement of land.
Distresed Property:
A property under foreclosure or any other imminent legal remedy due to default in financial obligations.
Dominant Tenement:
The estate (i.e. property) which derives benefit from an easement over a servient tenement, as in a right-of-way.
Draft Plan:
A preliminary plan of subdivision prepared by a developer to be circulated to various departments for approval.
Buying Your Own
Making the decision to become a homeowner is good decision since buying a home is a great investment in your future. Choosing a home to buy starts with your needs and desires and should process logically until you find something you can afford.
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YOUR CREDIT SCORE
Credit scoring model seeks to quantify how likely the consumers are to pay off their debt without being late. The more your credit file demonstrates that you pay your debt on time, the more desirable you become as a potential customer. The higher the client's score is, the less likely they are to default on their loan.
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