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Glossary Of Real Estate Terms
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Glossary D


Debt Service Ratio:

The percentage of a borrower's gross household income which may include, in addition to the main wage earner's salary, salaries of other wage earners, commissions, bonuses, overtime, etc. and can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable).
Deed:
A legal document that conveys (transfers) ownership of a property from the vendor to the buyer. This document is then registered against the title to the property as evidence of the ownership. 
Deed Restriction:
An imposed restriction in a deed for the purpose of limiting the use of the land.
Default:
Non-payment of the installments due under the terms of the mortgage(s), or failure to fulfill any other term or condition of the mortgage.
Deposit:
A sum of money deposited in trust by the purchaser on making an offer to be held by the broker, lawyer or notary until the closing of the sale.
Discharge:
The removal of all mortgages and other financial encumbrances on a property.
Down Payment:
The difference between a property's purchase price and the amount financed. 
Dual Agent:
A real estate broker or salesperson who acts as agent for both the seller and the buyer in the same transaction.




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