Real Estate Terms (D)

devise

A gift of real property by will.

deficiency judgment

A judgment given when the security pledge for a load does not satisfy the debt upon its default.

donee

A person to whom a gift is made.

donor

A person who makes a gift.

documentary transfer tax

A tax collected when a deed is recorded. Stamps are affixed to the deed.

descent

Acquiring property by inheritance when the deceased dies intestate.

discount

An amount deducted from the face amount of a loan.

desist and refrain order

An order directing a person to desist and refrain from committing an act in violation of the law.

demand

Desire for property.

deed of trust

Document by which naked, legal title is transferred to a trustee as a security for a loan.

declaration of homestead

Document recorded to establish a homestead to protect the owner against judgement liens.

deposit receipt

Document used when accepting earnest money to bind an offer. Basic contract between buyer and seller.

deferred maintenance

Existing but unfulfilled requirements for repairs and rehabilitation.

default

Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.

deterioration

Impairment of condition. One of the causes of depreciation and reflecting the loss in value brought by wear and tear, disintegration, use in service, and the action of the elements.

deciduous trees

Lose their leaves in the autumn and winter.

depreciation

Loss of value in real property brought about by age, physical deterioration or functional or economic obsolescence. Broadly, a loss in value from any cause.

declining balance depreciation

Method of computing depreciation for income tax purposes.

divisor

One who leaves real property by will.

Devisee

One who receives real property by will.

discount points

Prepaid interest demanded by a lender when loan is negotiated. A premium paid for the privilege of borrowing at the stated interest rate.

dealer property

Property held for sale to customers. Profit is considered ordinary income for income tax.

declaration of restrictions

Recorded list of restrictions imposed on a subdivision by a subdivider.

depth table

Table used by appraisers when appraising lots of varying depths.

defeasance clause

The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligations to the mortgagee.

dedication

The giving of land by its owner for some public use and the acceptance for such use by an authorized public official on behalf of the public.

damages

The indemnity recoverable by a person who has sustained an injury, either in his person, property, or relative rights, through the act or default of another.

dominant tenement

The land that is benefited by an easement appurtenant.

directional growth

The location or direction toward which the residential sections of a city are destined or determined to grow.

dower

The right which a wife has in her husband's estate at his death.

debtor

This is the party who "owns" the property which is subject to the security interest. Previously he was known as the mortgagor or the pledgor, etc.

demise

Transfer to another of an estate for years, for life, or at will.

duress

Unlawful constraint exercised upon a person whereby he is forced to do some act against his will.

deed

Written instrument which, when properly executed and delivered, conveys title.

declaration of abandonment

document recorded to terminate a homestead.