Landlord Definitions and Terms – D – Accurate Credit Bureau

D

Deed
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.

Deed of Trust
A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full.

Default
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

Default judgment
a judgment issued by the court, without a hearing, after the tenant has failed to file a response to the landlord’s complaint.
Delinquency
Failure to make payments as agreed in the loan agreement.

Demurrer
a legal response that a tenant can file in an unlawful detainer lawsuit to test the legal sufficiency of the charges made in the landlord’s complaint.

Department of Fair Housing
the state agency that investigates complaints of unlawful discrimination in housing and employment.

Discount Points (or Points)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

Discrimination (in renting)
denying a person housing, telling a person that housing is not available (when the housing is actually available at that time), providing housing under inferior terms, harassing a person in connection with housing accommodations, or providing segregated housing because of a person’s race, color, religion, sex, sexual orientation, national origin, ancestry, source of income, age, disability, whether the person is married, or whether there are children under the age of 18 in the person’s household. Discrimination also can be refusal to make reasonable accommodation for a person with a disability.

Down Payment
The amount of your home’s purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that’s at least 20% of your home’s value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home’s purchase price. (Note, however, that FHA and VA loans have different policies regarding insurance.)

Due-on-Sale Clause
Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property.

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