Glossary D

Words beginning with..
A B C D E F G H I J K , L M N O P Q R S T U V W – Z
DAILY-REST
Also known as daily reducing, the interest will be calculated on the outstanding principal at the start of each day.

DEBT SERVICE RATIO
Maximum of the applicants weekly, fortnightly or monthly wage which will support loan repayments over the agreed loan term. Usually expressed as a percentage.

DEBT-TO-INCOME RATIO
The ratio, expressed as a percentage, which results when a borrower’s monthly payment obligation on long-term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.

DEED
The written document conveying real property. The Deed must be executed (signed), ACKNOWLEDGED, and DELIVERED to the Grantee. Once recorded at the Courthouse, the original piece of paper is not needed to convey title in the future.

DEED OF TRUST
A voluntary lien to secure a debt deeding the property to Trustees who foreclose, sell the property at public auction, in the event of default on the Note the Deed of Trust secures.
compare MORTGAGE

DEFAULT
Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage.

DEFERRED INTEREST
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance. See negative amortization

DEFERRED PAYMENT SCHEME
This is a scheme where the purchaser makes the initial payment, normally up to 20% of the purchase price within 8 weeks and the balance amount would only be due upon Temporary Occupation Permit (TOP) being obtained from the relevant authorities.

DEFICIENCY JUDGMENT
If the foreclosure sale does not bring sufficient proceeds to pay the costs of sale and the note in full, the holder of the note may obtain a judgment against the maker for the difference.

DELINQUENCY
A loan in which a payment is overdue but not yet in default.

DELIVERY
The final, unconditional and absolute transfer of a DEED to the Grantee so that the Grantor may not revoke it. A Deed, signed but held by the Grantor, does not pass title.

DEVELOPMENT GUIDE PLAN (DGP)
A detailed plan which provides a clear direction for the development and use of land specifying land use zoning, height and development intensity. It shows the development potential of all land parcels in the area clearly and enables developers to have a good idea of what they can or cannot build on the land.
see PLANNING REGION

DISPOSAL
The sale, conveyance, transfer, assignment, settlement or other alienation of residential property, whether by agreement or otherwise, and includes the creation of a trust in respect of the property.

DOWER
A spouse’s interest in the property of a deceased spouse.

DOWN PAYMENT
Money paid to make up the difference between the purchase price and the mortgage amount.

DUAL AGENCY
Representation of opposing parties (buyer and seller) at the same time in the same transaction. This situation most often refers to cases where the Realtor is the agent for both parties.

DUE ON SALE CLAUSE
A clause in the DEED OF TRUST or MORTGAGE that makes the loan non-assumable by providing the note holder may call the loan immediately due and payable upon a sale or conveyance of an interest in the property. The FNMA/FHLMC form provides that a lease of more than three years or a lease with an option to buy also triggers this provision.
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*Please note that information provided is as it is basis, whilst every effort has been made to provide up-to-date information. The author is not responsible for inaccuracies or whatsoever as a result from using this information.


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