DATE OF APPRAISAL   
The specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection.

DEBT   
An obligation to repay some amount owed. This may or may not be monetary.

DEBT EQUITY RATIO   
The ratio of the amount a mortgagor still owes on a property to the amount of equity they have in the home. Equity is calculated at the fair-market value of the home, less any outstanding mortgage debt.

DEED   
A document indicating the ownership of a property.

DEED-IN-LIEU (OF FORECLOSURE)   
A document given by a borrower to a lender, transferring title of the property. Often used to avoid credit-damaging foreclosure procedures.

DEED OF TRUST   
A document which transfers title in a property to a trustee, whose obligations and powers are stipulated. Often used in mortgage transactions.

DEED OF RECONVEYANCE   
A document which transfers ownership of a property from a Trustee back to a borrower who has fulfilled the obligations of a mortgage.

DEED OF RELEASE   
A document which dismisses a lien or other claim on a property.

DEED OF SURRENDER   
A document used to surrender any claim a person has to a property.

DEFAULT   
The condition in which a borrower has failed to meet the obligations of a loan or mortgage.

DELINQUENCY   
The state in which a borrow has failed to meet payment obligations on time.

DEPOSIT   
Cash given along with an offer to purchase property, Also called EARNEST MONEY.

DEPRECIATION   
The natural decline in property value due to market forces or depletion of resources.

DETACHED SINGLE-FAMILY HOME   
A single building improvement intended to serve as a home for one family.

DISCOUNT POINTS   
Points paid in addition to the loan origination fee to get a lower interest rate. One point is equal to one percent of the loan amount.

DISTRESSED PROPERTY   
A mortgaged property which has been foreclosed on.

DOWNSPOUT   
The pipe that water moves through to reach the ground from the rain gutter.

DUE-ON-SALE PROVISION   
A clause in a mortgage giving the lender the right to demand payment of the full balance when the borrower sells the property.

DUPLEX   
A single-building improvement which is divided and provides two units which serve as homes to two families.

DWELLING   
A house or other building which serves as a home.

DOWN PAYMENT   
An amount paid in cash for a property, with the intent to mortgage the remaining amount due.

EARNEST MONEY DEPOSIT   
A cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.

EASEMENT   
The right of a non-owner of property to exert control over a portion or all of the property. For example, power companies often own an easement over residential properties for access to their power lines.

EAVE   
The part of the roof that extends beyond the exterior wall.

ECONOMIC DEPRECIATION   
The decline in property value caused by external forces, such as neighborhood blight or adverse development.

ECONOMIC LIFE   
The amount of time which any income-producing property is able to provide benefits to its owner.

EFFECTIVE AGE   
The subjective, estimated age of a property based on its condition, rather than the actual time since it was built. Excessive wear and tear can cause a property's effective age to be greater than its actual age.

EMINENT DOMAIN   
The legal process whereby a government can take ownership of a piece of property in order to convert it to public use. Often, the property owner is paid fair-market value for the property.

ENCROACHMENT   
A building or other improvement on one property which invades another property or restricts its usage.

ENCUMBRANCE   
A claim against a property. Examples are mortgages, liens and easements.

ENERGY EFFICIENCY RATIO   
An efficiency rating system for air conditioning units that corresponds to the number of BTU's output per watt of electricity used.

EQUAL CREDIT OPPORTUNITY ACT (ECOA)   
U.S. federal law requiring that lenders afford people equal chance of getting credit without discrimination based on race, religion, age, sex etc

EQUITY   
The difference between the fair market value of a property and that amount an owner owes on any mortgages or loans secured by the property.

EQUITY BUILDUP   
The natural increase in the amount of equity an owner has in a property, accumulated through market appreciation and debt repayment.

ERRORS AND OMISSIONS INSURANCE   
An insurance policy taken out by appraisers to cover their liability for any mistakes made during the appraisal process.

ESCROW   
An amount retained by a third party in a trust to meet a future obligation. Often used in the payment of annual taxes or insurance for real property.

ESCROW ACCOUNT   
An account setup by a mortgage servicing company to hold funds with which to pay expenses such as homeowners insurance and property taxes. An extra amount is paid with regular principal and interest payments that go into the escrow account each month.

ESCROW ANALYSIS   
An analysis performed by the lender usually once each year to see that the amount of money going into the escrow account each month is correct for the forecasted expenses.

ESCROW DISBURSEMENTS   
The payout of funds from an escrow account to pay property expenses such as taxes and insurance.

ESTATE   
The total of all property and assets owned by an individual.

EXAMINATION OF TITLE  
The report on the title of a property from the public records or an abstract of the title.

EXCLUSIVE LISTING   
An agreement between the owner of a property and a real estate agent giving the agent exclusive right to sell the property.

EXECUTOR   
The person named in a will to administer the estate.