A B C [D] E F G H I J K L M N O P Q R S T U V W X Y & Z
Datum – A horizontal plane from which heights and depths are measured.
Debit – On a closing statement, an amount charged; that is, an amount that the debited party must pay.
Decedent – A person who has died.
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, conveys title to or an interest in real estate.
Deed in lieu of foreclosure – A deed given by the mortgagor to the mortgagee when the mortgagor is in default under the terms of the mortgage. This is a way for the mortgagor to avoid foreclosure.
Deed in trust – An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee’s use of these powers under the provisions of the trust agreement.
Deed of trust – The means by which a trustor conveys real estate to a trustee for the benefit of a beneficiary. See trust deed.
Deed of trust lien – A voluntary lien in real estate given to a lender by a borrower as security for a real estate loan. See also trust deed lien.
Deed restriction – Clause in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions–for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.
Default – The nonperformance of a duty, whether arising under a contract or otherwise; failure to meet an obligation when due.
Defeasance clause – A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.
Defeasible fee estate – An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estates: fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent.
Deficiency judgment – A personal judgment levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.
Demand – The amount of goods people are willing and able to buy at a given price; often coupled with supply.
Density zoning – Zoning ordinances that restrict the maximum average number of houses per acre that may be built within a particular area, generally a subdivision.
Department of Housing and Urban Development (HUD) – Administers federal fair housing law that prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status, or national origin.
Depreciation
- In appraisal, a loss of value in property due to any cause, including physical deterioration, functional obsolescence, and external obsolescence.
- In real estate investment, an expense deduction for tax purposes taken over the period of ownership of income property.
Descent – Acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law.
Designated agent – A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction.
Developer – One who attempts to put land to its most profitable use through the construction of improvements.
Devise – A gift of real property by will. The donor is the devisor, and the recipient is the devisee.
Diminishing returns – The concept that no matter how much money is spent on a property, the property’s value does not keep pace with the expenditures.
Disclosure – Providing information, such as property condition, to help consumers make informed decisions.
Discount point – A unit of measurement used for various loan charges; one point equals 1 per cent of the amount of the loan.
Dominant tenement – A property that includes in its ownership the appurtenant right to use an easement over another person’s property for a specific purpose.
Dower – The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. During the husband’s lifetime the right is only a possibility of an interest; upon his death it can become an interest in land.
Dual agency – Representing both parties to a trans action. This is unethical unless both parties agree to it, and it is illegal in many states.
Due-on-sale clause – A provision in the mortgage that states that the entire balance of the note is immediately due and payable if the mortgagor transfers (sells) the property.
Duress – Unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. A contract entered into under duress is voidable.
