Sunday, May 19, 2024, 11:14 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
D
DAMAGESThe indemnity recoverable by an injured party to compensate him for the loss suffered through an act or default of another. |
DATION EN PAIEMENT - Civil Law TermGiving by the debtor and receiving by the creditor of something besides money for the payment of a debt. This is directly from the French which means "a gift in payment". |
DEBENTUREA note or bond given as evidence of a debt; an unsecured note. |
DEBT SERVICEThe amount needed for payment of principal and interest on an amortized debt. |
DECLARATIONTo make known openly and in definite terms; that which along with the by-laws, defines the rules by which a condominium will exist. |
DEDICATIONAn appropriation of land by its owner for some public use, and acceptance for such use by authorized public officials on behalf of the public. In certain cases, five years of uninterrupted public use will be considered an acceptance. |
DEEDAn instrument in writing, duly executed and delivered by the grantor that conveys to the grantee some right, title or interest in or to real estate. |
DEED RESTRICTIONSClauses in a deed specifying the limitations to which the grantee's property may be subject, its permissible and impermissible uses, and the ways in which the premises are to be maintained. |
DEFAULTFailure to meet an obligation or promise when due. |
DEFEASANCE CLAUSEThe clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligation to the mortgagee, and declares the instrument null and void upon payment of debt when due. |
DEFICIENCY JUDGMENTA judgment for the balance of a debt; issued when the difference between the indebtedness sued upon and the sale price obtained at the foreclosure sale is less than the debt. |
DELIVERYThe act or intent of transferring an instrument from one person to another in such a way that it cannot be recalled. |
DEMISEA conveyance of an estate to another for life, for years or at will; to lease. |
DEPOSITMoney given by one to another as evidence of his good faith; evidence or security for performance of a contract. |
DEPRECIATIONLoss of value brought about by physical deterioration or functional or economic obsolescence. |
DEPTH TABLEA statistical table that may be used to estimate the value of the added depth of a lot. |
DERELICTIONLand formed by water receding from a river or stream. |
DESCENDANTSChildren, grandchildren, and great grandchildren to the Nth generation living at the time of a person's death who have rights or claims on the property of the decedent. |
DESIGNATED AGENTA licensee named by a broker as the agent of a client. |
DEVISEA gift of realty by will. |
DEVISEEOne who receives a gift of real estate by will. |
DEVISOROne who gives realty by will. |
DIRECT REDUCTION LOANA loan having a replacement schedule in which a declining amount of interest is deducted from a fixed payment amount. What remains of each payment is applied to the loan's outstanding principal. |
DISCOUNT POINTSA fee based on a percentage of a loan, charged by a lender, as a service charge, or as an amount needed to produce the same yield on an FHA or VA loan that he would receive in the conventional mortgage market; each point charged represents 1% of the loan amount and increases the interest rate by 1/8 of one percent. |
DISINHERISON - Civil Law TermThe act of depriving a forced heir of the inheritance the law gives him. |
DISPOSABLE PORTION - Civil Law TermThat amount of a person's property which he may freely dispose of without affecting the legitime (forced heirship portion). Donations inter vivos or mortis cause cannot exceed 3/4 of the property of the disposer, if he leaves, at his decease, one child; and 1/2, if he leaves two or more children. |
DOCUMENTARY STAMP TAXA state tax on the transfer of real property. |
DOMINANT ESTATEAn estate attached to and benefitting from the servient estate, e.g., an easement runs over the servient estate and serves the dominant estate; also called dominant tenement. |
DONATION INTER VIVOS - Civil Law TermA gift between living persons. A donation inter vivos is an act by which the owner (donor) divests himself of presently and irrevocably of a thing in favor of another (donee) who accepts it. |
DONATION MORTIS CAUSA - Civil Law TermA gift made in contemplation of death. A donation mortis causa is an act to take effect when the donor has died and by which he disposes of all or part of his property. The act is revocable. |
DONEEA person to whom a gift is made. |
DONORA person who makes a gift. |
DOWERThe legal rights that a widow possesses to her husband's estate. |
DUAL AGENCYDesignates a broker's unethical acting for both buyer and seller in the same transaction without the consent or knowledge of both parties. |
DUE ON SALE CLAUSEThe clause which allows the mortgagee the option of calling the mortgage's unpaid balance immediately due if the mortgagor sells or otherwise alienates the mortgage property. Also called the alienation clause.
DURESS - Unlawful constraint or action against a person forcing him to perform some act against his will. |