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Real Estate Dictionary — “D” is for Deed
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I’m looking at selling my home in the Old North End, and I want to know how long it will take me to sell my house? Your Realtor can do some research and tell you about the Average days on market in your neighborhood. This will give you a starting point for your expectations.
What is a deed? A deed is a document used to transfer ownership in a property. There are many types of deeds, but the most common in Colorado is a General Warranty Deed.
My neighbor is trying to sale their house in a short-sale, and he said he is concerned about a Deficiency Judgement, what is this? The bank or financial institution that holds the mortgage on the property may get a judgment against your neighbor for the loan deficiency, and they call this a Deficiency Judgment.
I’ve been reading about demographics, is this something I should know about in the city I want to move to? Demographics refer to characteristics pertaining to a population such as age, race, sex, household size, population growth and density. The US Census web site can provide this information for you.
I was reading my lease over, and it has a demolition clause in it, what is this? Some landlords who own older buildings will put a demolition clause in their lease, which allows them to cancel the lease with proper notice if the building is going to be demolished.
How is density used in zoning? When you see a piece of property that is zoned R-10, this means that the maximum density would be 10 units per 1 acre of land. In Colorado Springs, you can go to the City of Colorado Springs web site and they have extensive explanations of zoning.
I heard someone say that we were in a DINK category, what does this mean? DINK is slang for Dual Income No Kids.
What is a Discount Real Estate Broker? A Discount Broker provides real estate services at a lower than normal commission and in turn offers less services. As an example, some discount brokers don’t provide any advertisement for their sellers.
What is a dry closing? A dry closing can occur when all acts of closing are completed, but funds have not been disbursed.
My father is helping me buy and house; and he keeps telling me that I need to do my Due Diligence. What does he mean? He’s referring to inspecting the property, examining the title, looking over the covenants, getting a survey on the property. Essentially you want to know as many facts as you can about the property before you complete the purchase. In purchasing real estate in Colorado, you have specific dates in the contract that allow you time to complete your inspection, to review the title work, and get a survey done. If these items don’t move your approval, you have the ability to object to them and to get out of the contract.
The house that I’m looking at buying is classified as a duplex. I thought a duplex was two units side by side. The classification of a duplex is that is supplies accommodations for two family and supplies each with separate entrances, kitchens, bedrooms, living rooms and bathrooms. Consequently a duplex can be side by side or one above the other.
Do you have a real estate question relating to the letter D? Leave us your question and we’ll get it answered for you.
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Kathy (719-287-1049) KTorline@msn.com
