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Damper
A damper is a movable valve or plate in a fireplace that allows smoke and fumes to travel up the flue of a the fireplace´s chimney. A damper closes the flue in order to keep out debris, rain, snow, and birds or other animals, and to keep warm or cool air inside a house. Dampers may be closed only partially to control the rate of combustion. A damper is generally only accessible by using one´s hand or a fireplace poker to reach up into the fireplace; in some homes, a lever, handle, or knob hangs down or sticks out that controls the damper.
Days on the market
Days on the market is a reference to the period of time that a parcel of real property is listed for sale until it is successfully sold or otherwise taken off the market, temporarily or permanently. In terms of market strength, more days on the market may indicate that the seller´s market in a particular area is slow, usually because the supply of available homes is greater than the demand for homes by buyers. A specific property that has a high number of days on the market may be overpriced, or may have some defects or problems that prevent potential buyers from committing to a purchase.
Deadbolt lock
A deadbolt lock is a lock that requires a key to open it from the outside of a door to a residence or other structure, and that has a turn button to allow for locking and unlocking from the inside of the door. Deadbolt locks provide greater security than do regular, key- operated locks because of the increased weight associated with the locking bar of a deadbolt lock. A deadbolt lock can only be opened from the exterior by rotating the lock cylinder with a key, which makes it much more difficult to manipulate the lock than with a spring-bolt lock, in which the bolt is held in place only by the pressure of an easily-retractable spring.
Debt
Debt is any amount of money that one person or entity owes to another person or entity. The most common type of debt incurred in the real estate context is the mortgage that a buyer of real property borrows from a lending institution in order to be able to afford to purchase the property. Mortgage debt must be repaid pursuant to an agreement between the borrower and the lending institution, and is almost always scheduled for repayment in regular installments over a specified time period. In addition, mortgage debt, as most kinds of debt, incurs interest that the borrower (or debtor) must pay in addition to the principal amount of the debt for the privilege of using the lender´s money.
Deck
A deck is a roofless, floored area that adjoins a house. A deck is similar to a floor in the interior of a house, but is unprotected by walls or a roof and is attached to the exterior wall of a house. Decks may be constructed of various materials, the most popular options being concrete or wood. Decks are often used by home owners as extensions of a house, including for (weather-permitting) outdoor living such as dining or entertainment. Most decks are accessible from a house by a separate door, and many feature railings around their perimeter for safety purposes, as well as access to the home´s yard.
Deed
A deed is a legal document that transfers ownership of a piece of property from one person or entity to another person or entity. A real estate deed describes in detail the property being transferred, commonly using the measurement of metes and bounds. Deeds may include covenants, or conditions to the transfer of property that one party must promise and be bound by, and warranties with respect to the property, which may differ depending upon the jurisdiction in which the property is located. Records of real estate deeds reveal recent transfers of property and are generally accessible to the public.
Deed of trust
A deed of trust is a document that gives a lending institution the right to foreclose on a parcel of real property owned by a borrower if the borrower defaults on the loan. A deed of trust transfers title to the property in question to a trust or title company that holds that title in escrow, or as security for a loan. When the loan is paid off according to the terms of the lender, the title is transferred to the borrower. If the borrower defaults on his or her loan, the property is foreclosed (sold, with proceeds going to pay of the outstanding loan balance).
Deep-seal floor drain
A deep-seal floor drain is a drain that is used to dispose of water from the basement floor of a house to a sewer line. Basement flooding may occur when heavy rain causes water to enter sanitary sewers, resulting in backups and sewer water flow into a home. A deep-seal floor drain is used to drain any unwanted moisture out of a basement. New construction homes often include a deep-seal floor drain if they have a basement. In existing homes, home owners may choose to self-install a deep-seal floor drain, but the process is messy and can be difficult, so professional installation is recommended to ensure that proper drainage will occur.
Default
Default is the term used to describe the failure of a person or entity to fulfill a duty or a promise, or to discharge an obligation to another person or entity. In the real estate context, default most commonly occurs when a home buyer who has borrowed money from a lending institution to purchase a home has failed to fulfill his or her duty or obligation to the lending institution, as specified in the mortgage agreement; for example, the borrower may have failed to make monthly mortgage payments. Depending on the loan agreement, default could result in a financial penalty (a late fee), or could cause the lender to foreclose on the property (sell it and take the proceeds as payment on the loan).
Deferred maintenance
Deferred maintenance refers to any repair or maintenance of a parcel of real property that has been postponed. Frequently, deferred maintenance results in a decline in the value of the property that has not been repaired or maintained as necessary. Deferred maintenance usually involves delaying repairs or maintenance that are not necessarily essential, but that are advisable, in an effort to save money, labor, or materials needed to complete the maintenance. Because deferred maintenance makes a property less attractive to potential buyers, the demand of the property will usually decrease, sometimes drastically, and thus the value of the property will decline.
Delinquent mortgage
A delinquent mortgage is a mortgage in which the borrower is behind on payments to the lending institution that issued the mortgage. If the borrower is unable to bring the payments owed up to date within a particular time period, specified by the lender, the lender may begin foreclosure proceedings. In foreclosure, the lender has the right to take control of the property in question and to sell it, using the proceeds of the sale to pay off the balance of what is owed by the borrower. If any money is left after the proceeds have been used to pay for the delinquent mortgage, the balance of the proceeds are issued to the borrower.
Density test
A density test is an analysis of soil on a parcel of real property to determine if the surface of the property can support the foundation of a house. Soil density will increase with compaction, or when pressure is applied to the soil surface. Therefore, a low soil density with no structure constructed upon it will likely become compressed post-construction, causing the structure to sink (a downward shift in the surface of the land, known as subsidence). A density test that reveals a high soil density indicates that the soil is highly compressed, and is therefore less likely to subside with the additional pressure of a structure erected on its surface.
Dentils
Dentils are small, rectangular shaped blocks that project from a building, usually under cornices or along rooflines. The projection out from a building of a dentil is usually equal to the width of the dentil. Dentils were historically popular architectural elements in Italian homes and buildings, and remain popular today worldwide as unique design features. Dentil moldings are decorative elements that feature a series of closely spaced dentals into a molding; such moldings are most commonly seen under the roofline of the exterior of a structure, but can be used to form a decorative band anywhere.
Deposit
A deposit is the money given by a buyer in a real estate transaction to a seller, along with his or her offer to purchase a parcel of real property being sold by the seller. A deposit is also called earnest money. The money is offered as an insurance for the seller that the buyer intends to follow through with the purchase, usually pending certain conditions such as a successful home inspection. In most instances, a deposit is non-refundable, meaning that if the buyer ultimately changes his or her mind and does not follow through with the property purchase, the seller is entitled to keep the money.
Depreciation
Depreciation refers to the decline in value of a particular piece of real property. Depreciation can occur for a variety of reasons. When the geographical area in which the property in question is located experiences a decline, such as a decrease in available employment opportunities, poor educational resources, or an increased crime rate, all properties in that area may depreciate. In a more property-specific sense, a parcel of property often declines over time by sheer virtue of age, which is frequently associated with some decline in the property´s condition. In addition, any undesirable changes in the property and the need for time-consuming and expensive repairs or maintenance can result in depreciation.
Design/build
A design/build project is a construction project in which the owner of real property contracts directly with an individual or a company to perform design and construction of a structure for the property. Instead of working through an intermediary or middleman, a future homeowner interviews and selects an architect or other designer with whom he or she will work to design a house or other building on land that he or she owns, as well as a construction firm or a contractor or contractors to complete the physical construction of the planned building.
Designer
A home designer is a professional whose job it is to draw blueprints, or plans, for a structure. Unlike architects, who plan the layout of the structure and put those plans on paper or in electronic form, designers are limited to drawing blueprints. A designer may be employed for a particular project in addition to an architect, and the two may work together, or a designer may be responsible simply for visually representing the plans for a structure offered by the owner or builder. The blueprints produced by a designer are used by construction employees to produce the structure, the specifications of which those blueprints represent.
Digital images
Digital images are photographic images that are produced by a digital camera, and that are incorporated into listings of real property for sale in order to give potential buyers a visual view of the property. Digital images are efficient in that they can be viewed immediately upon creation and quickly transferred to a computer to be added promptly to a property listing, as well as providing the opportunity for frequent and easy updates when any change in the appearance of a property occurs. In addition, the high quality of digital images allows them to be reprinted clearly on fliers and posters that can aid in the sale of a home.
Dimension plans
Dimension plans are plans which show the physical layout of a house, but which are less detailed than full blueprints. Unlike blueprints, which include information regarding very specific details of a building project, including dimensions as well as materials to be used, textures, colors, and so on, dimension plans offer only dimensions of the structure as a whole and the divisions (such as rooms of a house) within. Dimension plans are much less expensive to produce than architectural blueprints, and offer the basic information regarding size of a structure that is sufficient for many planning and building purposes.
Disability insurance
Disability insurance is an insurance policy which covers an individual's ability to produce income. Disability insurance requires payment of premiums, just as any other type of insurance, which the insurance company collects on a monthly, yearly, or other periodic basis. Many of the same insurance companies that offer life and health insurance also offer disability insurance. In the event that the insured individual becomes somehow disabled with respect to employment-that is, his or her ability to make a regular income is severely diminished or even eliminated as a result of the disability-the insurance company will pay the money to the individual so that he or she can continue to survive without their former income.
Disclosure
A disclosure is a statement that is made to a potential buyer of real property by the seller of the property, usually through the seller´s listing agent, which sets forth information relevant to the property that, if not disclosed, would subject the seller to liability. Disclosures are required in most jurisdictions regarding potentially dangerous hazards that exist on a property, such as the presence of radon or lead paint. A buyer, on receiving a disclosure, must acknowledge by signature the information; this acknowledgement the prevents the buyer from subsequently suing the seller with respect to the subject of the disclosure.
Discount points
Discount points are fees that a borrower of money pays to a lending institution at the time that the lender makes the loan. One point is equal to one percent (1%) of the total loan amount. Discount points are used to lower the applicable interest rate on the loan, since the lender, by accumulating the discount point fees upfront, is offsetting some of the money that would otherwise be owed by the borrower through interest. Sometimes, a real estate transaction agreement will specify that the seller of a property pays for the buyer´s discount points when the buyer secures a mortgage. Regardless of who pays the discount points, the amount paid is tax deductible to the borrower of the loan.
Distressed property
Distressed property is any real property that is in poor physical or financial condition. Poor physical condition may entail a deteriorated state of the land itself, such as pollution problems, drainage issues, or vegetative blight, or of a structure erected on that property, such as a house that is structurally unsound or otherwise unattractive to home owners and potential buyers. Poor financial condition of a property may include a pending foreclosure, rising interest rates that the borrower of a loan on the property cannot afford, or major repairs or maintenance on the property that require considerable expense.
Document needs list
A document needs list is a list of documents that a lending institution requires a loan applicant to produce when the applicant submits a loan application.. The documents on the document needs list are those that are intended to assist the lender in making a determination of a loan applicant´s credit worthiness, and whether he or she is likely to repay a loan if one is offered. The required documents listed on a document needs list may range from the applicant´s paycheck stubs, to indicate what his or her income is, to credit card statements, which reflect how much debt the applicant owes.
Domed ceiling
A domed ceiling is generally a hemispherical ceiling that projects upward without support. Some domes are not exactly spherical in the shape of their cross-section; a domed ceiling may, for example, be elongated, as a half of an ellipse. In addition, domes may be constructed to be taller or shorter than would be the result of a perfect half sphere. Domed ceilings are commonly found in older Italian and other European architecture. In addition, domed ceilings may be added as unique architectural details to modern residences; although they generally increase the cost and efficiency of heating or cooling a structure, they offer an open sense of increased space.
Domicile
A domicile is a person's primary or permanent home. Many legal rights and obligations that apply to an individual are dependent on what jurisdiction his or her domicile is located in. A domicile is usually determined by a person´s physical presence in a state and his or her intention to make that location their home. A person who establishes a domicile in a particular place does not necessarily have to live there full time in order for it to be considered his or her legal residence, as long as he or she plans to return there. The legal domicile of a person is relevant to where he or she pays taxes and whether he or she can legally vote in a given jurisdiction.
Dormer
A dormer is a window that is set upright in a sloping roof, protruding exactly vertically from the sloping roof and forming an angle at the place where it intersects the roof. There are four main types of dormer. A gable fronted dormer is a dormer in which the front rises to a point; these are also called dog house dormers. A flat roof dormer is a dormer whose roof is flat, extending parallel to the horizon from the roof of the structure. A shed dormer is a dormer with a single roof that has a shallower slope than that of the main structure´s roof. A hipped roof dormer is a dormer whose roof slopes back from the front.
Double-hung window
A double-hung window is a window that consists of two individual sashes that, each of which slides up and down. Double-hung windows are a very traditional, very common type of window. Each sash has springs and balances to hold it in place at the angle to which it is tilted. The juncture at which the two sashes meet is called an interlock, because that is the location at which the sashes "lock." Interlocks may be reinforced by aluminum or fiberglass, as a preventative measure to protect against potential future bowing of the sashes. Because both sashes tilt inside, double-hung window are easy to clean and otherwise maintain.
Dovetail joints
Dovetail joints are joints that lock two pieces of wood together with meshed teeth. Dovetail joints are particularly resistant to being pulled apart, making them a particularly popular choice for objects and structures that encounter frequent use. Dovetail joints are commonly used, for example, to join the sides of a drawer to its front. The joints are constructed so that a series of pins in one board interlocks with a series of tails in another board; once a dovetail joint is glued, it becomes permanent, and requires no mechanical fasteners. Dovetail joints can be cut by hand, but are more commonly constructed by machine.
Down payment
A down payment is the amount of money that a buyer of real property agrees to give to the property seller when the parties sign a sales agreement for the purchase of the property. Complete financing for the balance of the purchase price is later secured by the buyer with a mortgage from a lending institution. A down payment will vary in amount, but is typically some percentage of the total mutually agreed-upon purchase price of the property. The down payment is usually paid out-of-pocket, or directly by the buyer. Some real estate transactions are completed with no down payment, but these require certain conditions to be met and the associated mortgages almost always carry a significantly higher interest rate.
Down spout
A down spout is a vertical gutter that empties water from the roof of a house down to the ground below. When rain, or other precipitation that melts, is accumulated in a home´s roof gutters, the gutters need a way to expel the water. A down spout is a gutter that runs from the regular, horizontal roof gutters along the side of a house vertically, usually along a corner of the home´s exterior, and empties the water it has transported onto the ground below. The intersection between a roof gutter and a down spout may become clogged with debris, and must thus be regularly checked and cleaned to ensure proper drainage.
Drainage
Drainage refers to a system of gutters and drainpipes that carry water away from the foundation of a house. When water accumulates near a home, as where a down spout transporting water from the roof of the house down to the ground empties, a danger arises of flooding or other moisture damage if the water is not carried away from the house. Drainage systems accomplish the diversion of this water by pipe systems, usually made of plastic or other waterproof, resistant material, which are laid below ground level and run from the house to a designated water collection area or for even redistribution in the soil.
Draw
A draw is a payment that is made to subcontractors or suppliers from a construction loan. Like any other line of credit, a construction loan allows the borrower to draw on the loan amount, requesting money to pay for materials and labor during the course of construction. Draws are usually taken out in stages to pay for the completion of discrete phases of a construction project, such as the laying of foundation, framing, roof work, interior and exterior finishes, and trim, with a final draw for the balance of the construction cost at the full completion of the entire project.
Dropped ceiling
A dropped ceiling is a flat ceiling that is built lower than the original ceiling of a structure. Also called a suspended ceiling, a dropped ceiling is a secondary ceiling that may conceal necessary but aesthetically unattractive elements of a building, such as pipes, electrical wires, or duct work. The space between the original ceiling and the dropped ceiling is an area called a plenum. Ceiling tiles of a dropped ceiling can be easily removed, facilitating repairs, alterations, or other maintenance in the plenum area. However, a dropped ceiling´s main disadvantage is reduced clearance (or "headroom").
Dry rot
Dry rot is a type of fungal decay that causes wood to become brittle and crumble. Dry rot requires humid, stagnant conditions, with moderate temperatures and moisture in the wood. Moisture is required for dry rot to flourish, but once established, the fungus needs only about 20% moisture to survive. Dry rot grows quickly, and so can take over a large section of wood construction from a very small starting point. Pretreatment is crucial; treatment once dry rot has become a problem is most commonly accomplished through the application of a chemical fungicide to affected areas.
Drywall
Drywall is a construction material that is composed of gypsum, a soft mineral, or plaster, created by heating gypsum, which is wrapped in paper. Drywall is produced in large sheets that can be nailed to wall studs. Drywall is used to finish construction of walls and ceilings on the interior of a building, and is rigid, strong, and fire resistant. Various types of drywall are available, depending on the needs of a particular construction project. Drywall is easily self-installed by home owners when making repairs, modifications, or additions to a house.
Dual agency
Dual agency is a relationship with a real estate agent or broker in which the real estate agent or broker represents both parties in a transaction. In a dual agency approach, the buyer and seller in a real estate transaction negotiate a final purchase price, date of closing, amount of down payment, any conditions associated with the property transfer, and all other matters regularly conducted through a real estate agent through a single agent. In a dual agency relationship, both represented parties, the buyer and the seller, but sign an acknowledgement of and agreement to the relationship.
Duct
A duct is any kind of pipe or channel that carries water, electrical wiring, or conditioned air through a house. Traditionally, ducts have been round and constructed of the very durable galvanized steel, but in some modern construction ducts are sometimes rectangular in shape and made of fiberglass, a durable material made from fine fibers of glass, that provides thermal insulation and the interior surface of which absorbs sound.
The complete system of ducts that transports and distributes materials through a house is called the structure´s duct work.
Due-on-sale clause
A due-on-sale clause is standard language in a mortgage agreement, which states that the loan must be paid when a house is sold. This limitation on the loan imposed upon the borrower of the mortgage is designed to insure the lending institution against the loss of the loan money that could potentially occur in the event the borrower transfers the property which is held as collateral for the loan by the lender. The due-on-sale clause requires that when the borrower of the mortgage sells his or her home, he or she must immediately pay the lender any amount left outstanding on the principal of the loan and any interest on the loan due at that time.
Duplex
A duplex is a structure that consists of two separate family units housed within the same structure. On the exterior, a duplex is typically indistinguishable from any single-family home, but inside it is divided into two independent units, each of which usually includes its own bathroom and kitchen facilities, independently-operational mechanical systems, and separate main entry doors. Duplex units may, however, share common facilities such as a yard or laundry room. The two (or, on occasion, more than two) units contained in a duplex are purchased separately and owned as individual units by the purchasers.
Dutch colonial style
Dutch colonial style is an architectural style which is characterized by features such as a barn-like gambrel roof with long eaves extending beyond the sides, a ground-level front porch, and dormers. Early homes built in the Dutch colonial style usually had only a single room in the center, with additions added to either end and a long porch along the front and back sides, as well as double-hung sash windows and a central double Dutch door. More recent versions of the Dutch colonial style have variations such as the movement of the primary entryway from the traditional location at the end of a house to the long front side and more living space than the traditionally small Dutch colonial homes.
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