Dictionary

Definition:  The quantity of a commodity or service wanted at a specified price and time. Pronunciation:  \di-ˈmand\ Used in a Sentence:   The high demand for mid-priced homes created a shortage of...

Definition:  Judgement brought when a mortgage is foreclosed and the sale proceeds fail to cover the costs of the sale, taxes, and the unpaid mortgage balance. Pronunciation:  \di-ˈfi-shən-sē\ \di-...

Definition: A person who is being sued or accused of a crime in a court of law. Pronunciation:   \di-ˈfen-dənt\ Used in a Sentence:   The jury believed the defendant was innocent.

Definition: A provision in a mortgage that specifies the terms and conditions to be met in order to avoid default and thereby defeat the mortgage. Pronunciation:  \di-ˈfē-zən(t)s\  \ˈklȯz\ Used in...

Definition: Failure to comply with the terms of an agreement or to meet an obligation when due. Pronunciation: \di-ˈfȯlt, dē-; ˈdē-ˌfȯlt\ Used in a Sentence:  The borrower has made no payments an...

Definition: Stipulation placed in deeds to control future uses of the property. Pronunciation:  \ˈdēd\ \ri-ˈstrik-shəns\ Used in a Sentence:   The deed restrictions prohibit home-owners from placin...

Definition: A friendly foreclosure (non-judicial process) in which the mortgagor gives title to the mortgagee. Pronunciation: \ˈdēd\ \ˈlü\ \ˈfȯr -ˈklō-zhər\ Used in a Sentence:    When the propert...

Definition: A type of conveyance; a written instrument to transfer title to real property from one party to another. Pronunciation:   \ˈdēd\ Used in a Sentence:   Once the sale was complete, the de...

Definition:  An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public. Pronunciation:  \ˌde-di-ˈkā-shən\ Used in a Sentence:    The new park was mad...