Utah Real Estate Glossary - D

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Real Estate Glossary

 

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D

DeedA formal written instrument by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. (See also deed of trust, general UTrranty deed, quitclaim deed, and special UTrranty deed.)


Deed of TrustLike a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few States have begun in recent years to treat the deed of trust like a mortgage.


DefaultFailure to make mortgage payments as agreed to in a commitment based on the terms and at the designated time set forth in the mortgage or deed of trust. It is the mortgagor's responsibility to remember the due date and send the payment prior to the due date, not after. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In the event of default, the mortgage may give the lender the right to accelerate payments, take possession and receive rents, and start foreclosure. Defaults may also come about by the failure to observe other conditions in the mortgage or deed of trust.


DepreciationDecline in value of a house due to wear and tear, adverse changes in the neighborhood, or any other reason.

DisclosureRevealing what previously UTs private knowledge. Any statement of fact that is required by law.


Down PaymentA percentage of the purchase price the buyer pays in cash.

 
Documentary StampsState tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each State.


Down PaymentThe amount of money to be paid by the purchaser to the seller upon the signing of the agreement of sale. The agreement of sale will refer to the down payment amount and will acknowledge receipt of the down payment. Down payment is the difference between the sales price and maximum mortgage amount. The down payment may not be refundable if the purchaser fails to buy the property without good cause. If the purchaser wants the down payment to be refundable, he should insert a clause in the agreement of sale specifying the conditions under which the deposit will be refunded, if the agreement does not already contain such clause. If the seller cannot deliver good title, the agreement of sale usually requires the seller to return the down payment and to pay interest and expenses incurred by the purchaser.


Dual AgentAn agent representing both parties in a transaction. In almost every state, dual agency is illegal and unethical without the written consent of both the buyer and the seller.
 

 

 

 

 

 

 

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 Barry J. Preusz
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Salt Lake City, Utah 84094

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Utah Real Estate Terms | Glossary of Real Estate Terms | Realty Terms for Utah | Property Terms | Utah Glossary of Terms | Salt Lake City, Utah

Utah Real Estate Terms. Definitions for common terms used in Utah real estate transactions. Glossary of real estate and property terms used in Salt Lake City, Provo, Park City, Utah.

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