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. The owner of the land does not retain any rights that are inconsistent with the complete exercise and enjoyment of the public uses to which the property has been committed.
DEED A legal instrument used to grant a privilege. In real estate it is the method of transferring title to real estate from one person to another.
DEED IN LIEU OF FORECLOSURE A deed given by the mortgagor to the mortgagee to prevent the mortgagee from bringing foreclosure proceedings. The validity of the deed depends to some degree on "fairness" under the circumstances, and adequacy of consideration will be considered. Its main advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan.
DEED IN TRUST A security instrument whereby real property is given as security for a debt. It 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 RESTRICTION A clause in a deed which limits the use of the property in certain respects. It carries with it the right to use property in any legal manner, 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 impose limits on the use or occupancy of the real estate. Deed restrictions are often imposed by developers to protect the value of the yet undeveloped property.
DEFAULT Failure to meet the terms of a credit agreement. In mortgage it is the failure to make mortgage payments as agreed to in a commitment based on the terms & conditions and at the designated time set forth in the mortgage or deed of trust. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In this case of nonperformance of duty, the mortgage may give the lender the right to speed up the payments, take possession and receive rents, and start foreclosure.
DEFEASANCE CLAUSE A clause used in leases and mortgages that gives the mortgager the right to redeem his property upon the payment of his entire principle and interest borrowed to the mortgagee. It nullifies a particular 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 dissociated from, 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 JUDGEMENT A money judgement against a borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full. The borrower is personally liable for the difference.
DEMAND The amount of goods people are willing and able to buy at a given price; often coupled with supply.
DENSITY ZONING Zoning ordinances by controlling the number of structures per acre to control population density.
DESCENT The conveyance of an estate by inheritance in which an heir succeeds to the property as dictated by the laws of the jurisdiction when no will is left behind.
DEVELOPER A person or company who improves vacant or underused parcels of land into new housing shopping centers or commercial buildings for a profit. A developer organizes and plans the development, supervise its construction and administer all the business elements of the project.
DEVISE Real estate left by will. The donor is the devisor, and the recipient is the devisee.
DISCOUNT POINT A unit of measurement used for various loan charges; normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to permanently lower or acquire down an interest rate.
DOMINANT TENEMENT A property that includes in its ownership the appurtenant right to enjoy the benefit of an easement over a servient tenement 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. The right becomes exercisable upon the death of the husband; upon his death it can become an interest in land. Dower has been abandoned in most jurisdictions.
DUAL AGENCY Representing both parties by the same real estate agent or broker. In virtually all states it is unethical and illegal for a broker to represent buyer and seller in a real estate transaction without written consent of both.
DUE-ON-SALE CLAUSE An acceleration clause in the mortgage or deed of trust that states that the entire balance to be paid immediately in full if borrower sells or transfers interest in the property.
DURESS Unlawful constraint, threat or action exercised upon a person to enter into an agreement or to perform an act against his or her will. A contract entered into under duress is voidable.
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. The owner of the land does not retain any rights that are inconsistent with the complete exercise and enjoyment of the public uses to which the property has been committed.
DEED A legal instrument used to grant a privilege. In real estate it is the method of transferring title to real estate from one person to another.
DEED IN LIEU OF FORECLOSURE A deed given by the mortgagor to the mortgagee to prevent the mortgagee from bringing foreclosure proceedings. The validity of the deed depends to some degree on "fairness" under the circumstances, and adequacy of consideration will be considered. Its main advantage to the borrower is that it immediately releases him from most or all of the personal indebtedness associated with the defaulted loan.
DEED IN TRUST A security instrument whereby real property is given as security for a debt. It 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 RESTRICTION A clause in a deed which limits the use of the property in certain respects. It carries with it the right to use property in any legal manner, 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 impose limits on the use or occupancy of the real estate. Deed restrictions are often imposed by developers to protect the value of the yet undeveloped property.
DEFAULT Failure to meet the terms of a credit agreement. In mortgage it is the failure to make mortgage payments as agreed to in a commitment based on the terms & conditions and at the designated time set forth in the mortgage or deed of trust. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In this case of nonperformance of duty, the mortgage may give the lender the right to speed up the payments, take possession and receive rents, and start foreclosure.
DEFEASANCE CLAUSE A clause used in leases and mortgages that gives the mortgager the right to redeem his property upon the payment of his entire principle and interest borrowed to the mortgagee. It nullifies a particular 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 dissociated from, 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 JUDGEMENT A money judgement against a borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full. The borrower is personally liable for the difference.
DEMAND The amount of goods people are willing and able to buy at a given price; often coupled with supply.
DENSITY ZONING Zoning ordinances by controlling the number of structures per acre to control population density.
DESCENT The conveyance of an estate by inheritance in which an heir succeeds to the property as dictated by the laws of the jurisdiction when no will is left behind.
DEVELOPER A person or company who improves vacant or underused parcels of land into new housing shopping centers or commercial buildings for a profit. A developer organizes and plans the development, supervise its construction and administer all the business elements of the project.
DEVISE Real estate left by will. The donor is the devisor, and the recipient is the devisee.
DISCOUNT POINT A unit of measurement used for various loan charges; normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to permanently lower or acquire down an interest rate.
DOMINANT TENEMENT A property that includes in its ownership the appurtenant right to enjoy the benefit of an easement over a servient tenement 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. The right becomes exercisable upon the death of the husband; upon his death it can become an interest in land. Dower has been abandoned in most jurisdictions.
DUAL AGENCY Representing both parties by the same real estate agent or broker. In virtually all states it is unethical and illegal for a broker to represent buyer and seller in a real estate transaction without written consent of both.
DUE-ON-SALE CLAUSE An acceleration clause in the mortgage or deed of trust that states that the entire balance to be paid immediately in full if borrower sells or transfers interest in the property.
DURESS Unlawful constraint, threat or action exercised upon a person to enter into an agreement or to perform an act against his or her will. A contract entered into under duress is voidable.