Decorating Allowance

The amount of money given by the seller to the buyer for cosmetic changes on a property.


A document that provides evidence in written form of the owner of a property. Deeds can be transferred between parties.

Deed of Trust

A legal document that lists the purchased property as the only asset in this trust. If the borrower defaults on the loan, the lender transfers the trust to the trustee. Texas is a deed of trust state

Deed Restrictions

Limitations written onto the deed which restrict the uses of the purchased property.


The failure to fulfill an obligation; most frequently, the failure to pay a monthly payment.


The transfer of the deed from the seller to the buyer which is final and cannot be recalled by the seller.


The nature of real property by way of a will.


A statement the seller is required to provide that details the presence of any relevant information regarding a property, including the existence of lead paint or asbestos

Discount Points

These points are charged by the lender in order to reduce interest rates. One point is equivalent to one percent of the loan value.

Documentation Preparation Fees

The fees charged by a thirty party entity such as an escrow agent that covers the cost of preparing a maintaining the documents that are required in a business transaction

Down Payment

The portion of the value of the property the buyer pays for without the help of financing.

Due on Sale Clause

A security document that details the requirement of a loan to be paid in full if a property is sold or transferred to another party

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