Disposable Income to Doric Column

 

Disposable Income

An individual’s disposable income is the net household income remaining after all deductions have been taken from the gross income. This is the take-home income available to cover housing payments and personal debts. Although mortgage loan applications primarily look at the gross monthly income for debt-to-income (DTI) calculations, the DTI restrictions imposed by most lenders do take into account average disposable income needs.

Disposition

In real estate, the term disposition applies to the right of a landowner to sell, lease, give away, mortgage or otherwise dispose of the property.

Dispossess

In the real estate industry, dispossess refers to the act of legally evicting or ousting a person from ownership or possession of land.

Distraint

The legal term distraint refers to the right of a lessor (landlord) to seize a tenant’s personal property to satisfy payment of past due rent. This can either be a voluntary arrangement or a court-ordered procedure.

Distressed Property

In the mortgage and real estate industry, properties whose mortgage loans or real estate taxes are currently in default or foreclosure are called distressed.

Distribution Warehouse

The distribution warehouse is a type of industrial property that hosts little if any manufacturing activity. It is often called light or very light industrial.

District

Many county and state governments establish regions or districts, which are tasked with handling issues, tasks and responsibilities, many of which either encompass an entire city or cross municipal boundaries. School districts are the most well-known; other common districts are established for parks, sanitary, flood, water, recreation and tax increment financing. These districts have the authority to levy taxes or charge fees to pay for its operations.

District Heating

Sometimes called teleheating, district heating is a system for providing heat to multiple buildings and structures from a heat generation source in one location. This is common in older campuses and multi-building industrial plants, as well as many communities in Europe. In the U.S., the largest commercial district heating system serves New York City’s Manhattan Island and is operated by Commonwealth Edison of New York.
In a district heating system, steam or hot water is produced in one central heating facility. The steam or hot water is then distributed to the buildings and structures connected to the network, usually through underground insulated pipes. After heating the buildings it serves, the water is then re-collected through another set of pipes in the network and brought back to the plant. When combined with a power-generating plant, district heating can achieve maximum efficiency, since it is using the waste heat from the power plant to generate hot water or steam.  Compare with the Cogeneration Plant entry.

Dividend

The dividend is income revenue from securities that are paid to shareholders. These are considered acceptable personal income for mortgage loan applicants, as long as the borrower can document a history of receipt and high probability of continued receipt for at least two more years.

Dockominium

A dockominium applies the concept of condominiums to boat docking slips, usually within a marina. The marina owners control all the common areas and infrastructure of the marina itself. Just as with a condominium, the dockominium owner will pay monthly or annual assessments, which will give them access to the marina’s facilities. It’s important to note that dockominium owners only own the space in their boat slip. They do not own the land beneath the water, underneath their slip. Plus, in some cases, the water and land itself may be leased from public ownership.

Doctrine of Relations Back

As applied to escrow closings, the doctrine of relations back pushes the official date of conveyance back to the time when the title was delivered by the grantor to the escrowee – not the disbursement date.

Document Preparation

With regard to mortgage loans, the document preparation stage deals with the processing and preparation of the legal documents will be involved with the loan closing. The typical residential loan closing will involve dozens of pages of legal documents and disclosures that must be reviewed and signed by the borrower.

Documentary Stamp

The documentary stamp is a tax levied by state and local governments to record a new deed or mortgage for a real estate sales transaction. Upon payment of the tax (which varies among states), the state issues a stamp for the subject documents. Compare with the Recording Fees and Transfer Stamps entries.

Doll House

The doll house is a real estate marketing term used to refer to small homes, usually with less than 600 square feet of space.

Dollar Stop

With leases on commercial properties, the dollar stop is the prorated amount of real estate taxes and operating expenses that the tenant will pay.

Dome

The dome is an architectural element that extends the load-bearing characteristics of an arch into a circular structure, which is best described in words as resembling the upper (hollow) portion of a sphere.

Domicile

The legal term domicile is used to describe someone’s current primary residence.

Dominant Estate

See the Dominant Tenement entry.

Dominant Tenement

With an appurtenant easement, the dominant tenement (or dominant estate) is the property that benefits from the easement. For example, lot A is landlocked and has an easement right through lot B. In this situation, lot A has a dominant tenement, while lot B has a servient tenement. Compare with the Servient Tenement and Appurtenant Easement entries.

Donee

The legal term done refers to the person or entity receiving a gift. For example, when a mortgage lender requires a gift letter from the applicant, the gift letter normally identifies that applicant as the donee.

Donor

In the mortgage and real estate finance industry, the donor is the legal term used to refer to the person or entity giving a gift.

Door

The door is the common method of entrance or egress from a room. Commercial properties normally use glass, solid metal or solid wood doors. Residential properties tend to use more decorative doors, which typically consists of three parts: rail, stile and panels. The most common type of doors found in homes are combination, Dutch, flush, French, panel, screen and sliding doors.

Doric Column

The Doric column is a type of column that is topped with a simple capital of smooth or rounded band. Compare with the Ionic and Corinthian columns.