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Deed |
A written document that conveys the ownership of
real estate from one person or party to another |
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Deed-in-lieu, or Deed-in-lieu of
foreclosure |
A deed given by a mortgagor to the mortgagee
when the mortgage is in default, to avoid foreclosure |
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Deed of trust |
A written document that grants a trustee, in the
event of foreclosure, the full power to sell, mortgage and subdivide the
property in question |
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Deed Restriction |
A clause in a Deed that limits the uses of the
property (e.g., types or quantities of structures permitted) |
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Default |
The failure to meet the legal obligations in a
contract; in real estate, failure to pay mortgage payments as scheduled or to
comply with other stipulations of the mortgage |
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Deferred interest |
Interest on a mortgage which is delayed because
the monthly payment of the mortgage is not large enough to cover the entire
principal and interest due, and therefore is added to the loan balance See
"negative amortization" |
|
Deficiency judgment |
A claim made by the holder of a note against the
maker, in the event that a foreclosure sale does not bring in enough proceeds
to fully cover the note and the costs of sale, for the
difference |
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Delivery |
The final, unconditional and absolute transfer
of a Deed from seller to buyer, such that the seller cannot revoke the transfer
of ownership; the Deed itself does not pass title until the seller delivers it
to the buyer |
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Depreciation |
A decline in the value of property, due to any
cause; the opposite of appreciation Also an expense deduction taken for tax
purposes over the period of owning income property |
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Devise |
To dispose or convey ownership of real property
via a will |
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Disclosure |
A statement of facts made by the buyer about the
condition of a property being sold and its surrounding area, required by law in
most US states |
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Discount point |
A unit of measurement used for loan charges,
with one point equaling 1 percent of the value of the loan |
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Dower |
The rights of a spouse to the property of their
deceased spouse |
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Down payment |
The amount of the purchase price of a property
paid in cash (i.e. not financed with a mortgage) that is required to secure the
property; typically 20% |
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Dual agency |
Representation of opposing parties in a
transaction (e.g. when a realtor is the agent for both buyer and seller);
requires consent of both parties to be allowed, and is illegal in some US
states |
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Due-on-sale clause |
A provision in a mortgage allowing the lender to
demand payment of the entire balance of the note if the mortgagor sells or
otherwise transfers the property |
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Did We Miss the Word YOU Are Looking For? Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! We'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let us know! We always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let us know! We're happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
| Q |
Nearly every state has a mandate for seller disclosure. What must a seller disclose?
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| A |
The seller must disclose any existing problems, defects or conditions that could affect the value of the house.
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 See More Real Estate Trivia > |
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Eric Burch and Ann Burch
Crye-Leike Realtors, Jonesboro Branch
2907 South Caraway
Jonesboro, AR 72401
Eric's Cell: 870.919.4968
Ann's Cell: 870.243.1332
Office: 870.268.4008
Fax: 870.931.1430
Main E-Mail: eric@ericburch.com
The name Eric Burch is synonymous with excellence in the Jonesboro real estate market. In 2006, our first year in real estate, we had 45 transactions, 4.5 million in sales and were awarded "Rookie of the Year" by the Jonesboro Board of Realtors. In 2007, we had 80 transactions, 12 million dollars in sales, named #1 in sales at the Jonesboro Branch of Crye-Leike Realtors, named "Jonesboro Local Favorite Realtor" by The Sun Newspaper, and awarded the Multi-million Dollar Sales Award. For 2008, we have set a goal to reach the 20 million dollar mark. Wouldn't you like to be a part of these numbers? Eric has definitely made a name for himself and these awards and increasing sales numbers are proof that he and his team are willing to go that extra mile for their clients. With The Eric Burch All Star Team you are not getting just one realtor. You are getting a whole team on your side.
This team consists of three realtors, a marketing specialist and a virtual assistant. Eric's wife, Ann, is a licensed realtor and works as Eric's full-time assistant and closing agent. This year we added Richard Wimberley, a licensed agent, as a buyer specialist to concentrate on the specific needs a buyer has in search for a home. And most recently, we have added Kellie Bridges as a marketing specialist to work directly with the seller. This team has proven success and is willing and able to work for you. Give us a call today!    
 
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