Foreclosures Glossary - Letter D

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damper

A movable shield that is installed in a fireplace to allow smoke and fumes to travel up the chimney.

days on the market

The period of time between when a property is listed for sale and the date of sale when it is taken off the market.

deadbolt lock

A type of lock system installed on doors where the inside is locked with the turn of a button and the outside requires a key.

debt

An amount of money that is owed by one person to another.

debt assumption letter

The transfer of a debt from one party to another. The contract of assumption must be signed by both parties. Also known as assignment of debt.

deck

A roofless, floored area that is joined to the outside of a building.

decorating allowance

A sum of money negotiated between a buyer and seller, held in escrow for the buyer and to be applied toward decorating changes to the property.

deed

A legal document that transfers the ownership of a piece of property.

deed of trust

Part of a loan contract that gives the lender the right to foreclose on the property if the borrower defaults on the loan.

deep-seal floor drain

A drain in a basement that drains water from the basement floor into a sewer line.

default

The failure to fulfill an obligation or contract.

deferred maintenance

Repairs or maintenance on a property that has been postponed and results in a decline in the property value.

delinquent mortgage

A mortgage where the borrower is behind on payments. The borrower is given a specified number of days to bring the payments up to date or the lender may begin foreclosure proceedings.

density test

Soil analysis to determine if the surface can support the foundation of a building.

dentils

Are small rectangular blocks that can be seen along a molding on top of a wall or under a roof line

deposit

The money that the buyer gives with an offer to purchase. Also called earnest money.

depreciation

A decline in the value of a property.

design/build

A contract between an owner and an individual or company to design and construct a building.

designer

An individual or company that draws up blueprints.

digital images

Pictures that are included with the house listing to give potential buyers an initial view of the property.

dimension plans

Plans which show the layout of a building; less detailed than full blueprints.

dimensional lumber

Pieces of lumber that are cut to standard dimensions.

dimmer

A light switch that allows control of the brightness from off to full range.

dimple

A tiny pocket that is made around a nail with a light blow of a hammer; typically used when hanging drywall.

dip tube

An extension of the water supply line in a storage tank to deliver water close to the heat source on the bottom of a water heater.

disability insurance

An insurance policy that is taken out to cover a person’s ability to produce income in the event of disability.

disclosure

A statement that discloses relevant information on a property to a potential buyer.

discount points

Fees that are paid by borrowers to lenders to get a lower interest rate. The lender offers a borrower pay points to adjust the interest rate to the market rate. One point equals one percent of the loan amount.

distressed property

Property that is in poor physical or financial condition.

document needs list
A list of documents required by a lender from a potential borrower when submitting a loan application.

documentation preparation

A fee that is charged by the escrow company or attorney to ready the paperwork for closing.

domed ceiling

A ceiling in the shape of a dome that projects upward without support.

domicile

The primary or permanent home of an individual.

dormer

Is an upright window projecting into a sloping roof

double-hung window

A window with two sashes that slide up and down.

dovetail joints

The joint that locks two pieces of wood together with meshed teeth.

dowel

A length of wood that is round and made of hardwood.

dowel plug

A short, round piece of wood that is fit into a counter bored hole to hide the head of a screw.

down payment

The money that is paid by the borrower out of their own funds upon the purchase of a property and is subsequently not included in the loan or mortgage.

downspout

The vertical gutter piece that drains the water from the roof to the ground.

drain auger

A long, coiled-wire that is unwound and pushed into a drain to free a clog. Also called a snake.

drain flange

The round metal trim that fits into the hole in a sink or bathtub.

drain valve

A valve that is used to drain the water from a storage tank.

drainage

The gutter and drainage system that carries the water away from the foundation of a building.

drainpipe

Part of a buildings plumbing system that carries the waste to the sewer or septic system.

draw

Payments taken from a construction loan to pay subcontractors or suppliers.

drip caps

Angled strips of metal flashing designed to protect the eaves from water damage. They tuck under the first layer of shingles and extend down over the fascia.

drip loop

A loop in the service conductor that minimizes the chance of water penetration.

drip loopdropped ceiling

A type of ceiling that set several inches below the original ceiling

dry rot

Decaying in wood making it become brittle and crumble, caused by fungus.

drywall

Construction material that is composed of gypsum or plaster wrapped in paper and produced in large sheets.

dual agency

The situation where a real estate agent represents both the buyer and the seller in a transaction.

dual agent

A real estate agent who represents both the buyer and the seller in a transaction.

duct

An insulated tube that is designed to deliver air to and from a furnace or other air-handling unit.

drip loopduct

The pipe or channel that carries water, wiring or air through a building.

ductwork

The system of pipe or channel that carries water, wiring or air through a building.

due-on-sale clause

The clause in a mortgage which states that the loan must be paid in full when the building is sold.

duplex

A building that consists of two separate family units.

duplex receptacle

An electrical outlet with two plugs.

Dutch colonial style

A style of house that has dormers and a Gambrel roof