Real Estate Appraisal Terms
Help You Understand The Appraisal Process
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This is an amount, usually in terms of money, owed by one party to another.
Deed
This is a legal document that conveys title for a property from one party to another.
Deed-In-Lieu
Also known as a "deed in lieu of foreclosure." This conveys title to a mortgage lender when a borrower is in default on the property loan and attempts to avoid foreclosure. The lender may or may not initiate foreclosure proceedings if a borrower requests a deed-in-lieu. The deed-in lieu can prevent foreclosure procedures from starting and avoiding recording of documents as public records.
Deed of Trust
In some states, mortgages are not recorded. These states use a "deed of trust" which is similar to recording a mortgage.
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This is the term used to describe non-payment of a mortgage payment within a stated period of time. If a first mortgage loan is not made within 30 days of due date it is said to be in default.
Delinquency
This is the failure to pay a mortgage payment when it is due. Most mortgage payments are due on the first day of the month. If a payment is more than 30 days late, the mortgage loan is considered delinquent. When this occurs, mortgage lenders will report the late payment for the mortgage to a credit bureau and this may adversely affect the borrower's credit rating.
Deposit
This is an amount of money paid in advance as an act of good faith for purchase of a property. This is also called an "earnest money deposit" and is used to withdraw the property from the sales market while the buyer arranges financing for the property purchase.
Depreciation
This is a decline in the value of property; an accounting term indicating a lowering of value for any asset. It is also used to show an an expense to lower taxable income. Lenders will add back the depreciation expenses for self-owned business borrowers and add it to income, helping the borrower qualify for a higher loan.
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buy property appraisal management company services national residential property appraisal by licensed real estate appraisers available through national commercial appraisal management companyDiscount Points
This is a term is usually used within the mortgage industry to refer to government loans, like VA and FHA loans. The discount points are "points" paid in addition to the one percent loan origination fee. Note: A "point" is considered to be one percent of the total loan.
Down Payment
This is the amount a purchaser pays toward purchase price that is paid in cash, and is excluded from the mortgage financing.
Due-On-Sale Provision
This allows a lender to demand payment in full for the entire balance owed when a borrower sells property that is used as security for a mortgage.
