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DAMAGES
The indemnity recoverable by a person who has sustained
an injury, either in his or her person, property, or relative rights, through
the act or default of another. Loss sustained or harm done to a person or property.
DATA PLANT
An appraiser's file of information on real estate.
DEBENTURE
Bonds issued without security, an obligation
not secured by a specific lien on property.
DEBIT
A bookkeeping entry on the left side of an account,
recording the creation of or addition to an asset or an expense, or the reduction or elimination of a liability or item of equity or revenue.
DEBT
That which is due from one person or another; obligation,
liability.
DEBTOR
A person who is in debt; the one owing money to
another.
DECLINING BALANCE DEPRECIATION
A method of accelerated depreciation allowed by the IRS in certain circumstances. Double Declining Balance Depreciation is its most common form and is computed by using double the rate used for straight line depreciation.
DECREE OF FORECLOSURE
Decree by a court ordering the sale
of mortgaged property and the payment of the debt owing to the lender out of
the proceeds.
DEDICATION
The giving of land by its owner to a public
use and the acceptance for such use by authorized officials on behalf of the public.
DEED
Written instrument which when properly executed and
delivered conveys title to real property from one person (grantor) to another (grantee).
DEED IN LIEU OF FORECLOSURE
A deed to real property accepted
by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.
DEED OF TRUST
(See Trust Deed.)
DEED RESTRICTIONS
Limitations in the deed to a property
that dictate certain uses that may or may not be made of the property.
DEFAULT
Failure to fulfill a duty or promise or to discharge
an obligation; omission or failure to perform any act.
DEFEASANCE CLAUSE
The clause in a mortgage that gives the
mortgagor the right to redeem mortgagor's property upon the payment of mortgagor's
obligations to the mortgagee.
DEFEASIBLE FEE
Sometimes called a base fee or qualified
fee; a fee simple absolute interest in land that is capable of being defeated or terminated
upon the happening of a specified event.
DEFENDANT
A person against whom legal action is initiated
for the purpose of obtaining criminal sanctions (criminal defendant) or damages
or other appropriate judicial relief (civil defendant).
DEFERRED MAINTENANCE
Existing but unfulfilled requirements
for repairs and rehabilitation. Postponed or delayed maintenance causing decline
in a building's physical condition.
DEFERRED PAYMENT OPTIONS
The privilege of deferring income payments to take advantage of statutes affording tax benefits.
DEFICIENCY JUDGMENT
A judgment given by a court when the
value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower.
DELEGATION OF POWERS
The conferring by an agent upon another
of all or certain of the powers that have been conferred upon the agent by the principal.
DEPOSIT RECEIPT
A term used by the real estate industry
to describe the written offer to purchase real property upon stated term and conditions, accompanied by a deposit toward the purchase price, which becomes the contract for the sale of the property upon acceptance by the owner.
DEPRECIATION
Loss of value of property brought about by
age, physical deterioration or functional or economic obsolescence. The term is also used
in accounting to identify the amount of the decrease in value of an asset that
is allowed in computing the value of the property for tax purposes.
DEPTH TABLE
A statistical table that may be used to estimate
the value of the added depth of a lot.
DESIST AND REFRAIN ORDER
An order directing a person to
stop from committing an act in violation of the Real Estate Law.
DETERMINABLE FEE
An estate which may end on the happening
of an event that may or may not occur.
DEVISE
A gift or disposal of real property by last will
and testament.
DEVISEE
One who receives a gift of real property by will.
DEVISOR
One who disposes of real property by will.
DIRECTIONAL GROWTH
The location or direction toward which
the residential sections of a city are destined or determined to grow.
DISCOUNT
To sell a promissory note before maturity at a
price less than the outstanding principal balance of the note at the time of sale. Also an amount deducted in advance by the lender from the nominal principal of a loan as
part of the cost to the borrower of obtaining the loan.
DISCOUNT POINTS
The amount of money the borrower or seller
must pay the lender to get a mortgage at a stated interest rate. This amount is equal
to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market conditions. A point equals one percent of the loan.
DISCRETIONARY POWERS OF AGENCY
Those powers conferred upon an agent by the principal which empower the agent in certain circumstances
to make decisions based on the agent's own judgment.
DISINTERMEDIATION
The relatively sudden withdrawal of substantial sums of money savers have deposited with savings and loan associations, commercial banks, and mutual savings banks. This term can also be considered to include life insurance policy purchasers borrowing against the value of
their policies. The essence of this phenomenon is financial intermediaries losing within a short period of time billions of dollars as owners of funds held
by those institutional lenders exercise their prerogative of taking them out of the
hands of these financial institutions.
DISPOSABLE INCOME
The after-tax income a household receives
to spend on personal consumption.
DISPOSSESS
To deprive one of the use of real estate.
DOCUMENTARY TRANSFER TAX
A state enabling act allows a
county to adopt a documentary transfer tax to apply on all transfers of real
property located in the county. Notice of payment is entered on the face of the
deed or on a separate paper filed with the deed.
DOCUMENTS
Legal instruments such as mortgages, contracts,
deeds, options, wills, bills of sale, etc.
DONEE
A person who receives a gift.
DONOR
A person who makes a gift.
DOUBLE DECLINING BALANCE DEPRECIATION
(See DECLINING BALANCE
DEPRECIATION. )
DRAW
Usually applies to construction loans when disbursement
of a portion of the mortgage is made in advance, as improvements to the property are made.
DUAL AGENCY
An agency relationship in which the agent acts
concurrently for both of the principals in a transaction.
DUE ON SALE CLAUSE
An acceleration clause granting the
lender the right to demand full payment of the mortgage upon a sale of the property.
DURESS
Unlawful constraint exercised upon a person whereby
he or she is forced to do some act against his or her will.
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