Business / Real Estate Glossary

Cross-Default: A provision of many junior mortgages stipulating that a default in one mortgage also triggers a default in the mortgage in which the clause appears.

Crunch Down: A form of recasting where the lender rewrites an existing mortgage loan to a lower balance to avoid a foreclosure.

Cumulative Zoning: Zoning that allows more restrictive uses. For example, a lot zoned for a multi-family dwelling would allow a single-family home if the zoning were cumulative.

Curtesy: A life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife. Most states have abolished curtesy.

Customer: A prospective buyer of real estate. Not to be confused with a property seller, who is the listing brokers client.

Damages: The indemnity recoverable by a person who has sustained an injury, either in his/her person, property, or relative rights, through the act or default of another.

Datum: A horizontal plane from which heights and depths are measured.

Debenture: A type of long-term bond or note given as evidence of debt. Unlike a mortgage note, a debenture is not secured by a specific property. Fannie Mae issues debentures to finance the acquisition . . . View Full Definition

Debit: A charge on an accounting statement or balance sheet (appearing on the left-hand column), the opposite of a credit. Used in bookkeeping and in preparing the closing statement in a real estat . . . View Full Definition

Debt Ratio: The relationship between a persons long term debt payments and their monthly income.

Debt-To-Income Ratio: A borrowers monthly long term debt payments divided by the borrowers gross monthly income and expressed as a percentage. This ratio is used by lenders to determine if a loan applicant is qua . . . View Full Definition

Debtor: One who owes money, a borrower, a maker of a note, a mortgagor.

Decedent: A deceased person, especially one who has died recently.

Declaration Of Condominium: The declaration includes: 1. A legal description of the condominium units and the common elements (including limited common elements-those that serve only one particular unit), 2. A copy of . . . View Full Definition

Declaration Of Restrictions: A statement of all the covenants, conditions and restrictions (CC&Rs) that affect a parcel of land. A subdivider may note the restrictions on the map or plan when recording the subdivision p . . . View Full Definition

Declaratory Relief Action: An action to have a court determine the rights of parties before a violation of rights has occurred.

Declining-Balance Method: An accounting method of depreciation for income-tax purposes designed to provide larger-than-straight-line deductions in the early years of a propertys life, and applicable to property place . . . View Full Definition

Dedication: The voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools. deed A written instrument that, when executed and delivered, convey . . . View Full Definition

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