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Athens GA Homes
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DBA
Doing Business As. Business names or aliases
filed with the county.
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debenture
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Bonds issued without security.
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debt service
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The total amount of credit card, auto, mortgage
or other debt upon which you must pay.
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debt-service ratio
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The measurement of debt payments to gross
household income which may include, in addition to the main wage earner's
salary, salaries of other wage earners, commissions, bonuses, overtime,
etc.
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Deceptive Trade Practices Act
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Part of the federal Consumer Protection Act
originally passed in 1973 and made specifically applicable to real estate
in 1975, specifically prohibiting a lengthy number of false, misleading
and deceptive acts or practices. The Texas Supreme Court has defined a
deceptive trade practice as one "which has the capacity to deceive an average,
ordinary person, even though that person may have been ignorant, unthinking,
or credulous." Also see
Texas
Deceptive Trade Practices - Consumer Protection Act.
deduction
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In tax law, an amount that you can subtract
from the total amount on which you owe tax. Examples of federal income
tax deductions include mortgage interest, charitable contributions and
certain state taxes. For example, if Aimee receives an income of $60,000
in 1998 and pays $12,000 in mortgage interest during that same year, she
can deduct $12,000 when she fills out her federal tax return, leaving an
amount of $48,000 upon which she must pay tax.
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deed
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A written instrument by which title to land
is conveyed.
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deed in lieu
(of foreclosure)
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A means of escaping an overly burdenome mortgage.
If a homeowner can't make the mortgage payments and can't find a buyer
for the house, many lenders will accept ownership of the property in place
of the money owed on the mortgage.
Even if the lender won't agree to accept the property, the homeowner can
prepare a quitclaim deed that unilaterally transfers the homeowner's property
rights to the lender.
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deed of trust
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The legal instrument used in Texas in lieu
of a mortgage, in which the property is conveyed in trust to a trustee
to be held as security for a loan.
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deed restrictions
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Common name used in the Houston area to denote
covenants,
conditions & restrictions (CC&Rs). Deed restrictions
cover allowable land uses and home types and sizes within a neighborhood.
They are especially important within Houston, and unincorporated parts
of Harris County, since zoning does
not exist in these areas.
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default
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Non-performance of a duty arising under a
contract or otherwise.
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defeasanse
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A clause in a deed, lease, will or other legal
document that completely or partially negates the document if a certain
condition occurs or fails to occur. Defeasance also means the act of rendering
something null and void. For example, a will may provide that a gift of
property is defeasable--that is, it will be void--if the beneficiary fails
to marry before the willmaker's death.
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delivery
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The actual transfer of the deed, or an act
of a seller showing intent to make a deed effective, without which, there
is no transfer of title to the property.
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depreciation
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A loss in value.
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descent
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Acquisition of property through inheritance
laws when there is no will (when a person dies intestate).
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devise
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A transfer of real estate by will or last
testament.
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disclosure
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The making known of a fact that had previously
been hidden; a revelation. For example, in many states you must disclose
major physical defects in a house you are selling, such as a leaky roof
or potential flooding problem.
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discount points (or points)
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The amount paid either to maintain or lower
the interest rate charged. Each point is equal to one percent (1%) of the
loan amount (i.e., two points on a $100,000 mortgage would equal $2,000).
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discount rate
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(1) The rate charged member banks who
borrow from the Federal Reserve System.
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(2) The rate used to convert future
income into present value.
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dispossess
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To oust from land by legal process.
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dominant tenement
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Property that carries a right to use a portion
of a neighboring property. For example, property that benefits from a beach
access trail across another property is the dominant tenement.
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down payment
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An amount of money the buyer pays which is
the difference between the purchase price and the mortgage amount.
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dual agency
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Representing the buyer and the seller in the
same transaction by the same agent. Since there is an inherent conflict
in fiduciary obligations to two different principals, dual agency, at best,
is a risky undertaking. TRELA requires that all parties to a dual agency
have full knowledge and consent (Disclosed Dual Agency). Contrast with
intermediary.
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due on sale
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A clause in a mortgage agreement providing
that, if the mortgagor (the borrower) sells, transfers, or, in some instances,
encumbers the property, the mortgagee (the lender) has the right to demand
the outstanding balance in full.
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duress
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Forcing action or inaction against a person's
will.
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