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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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B
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D
E
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I
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X
Y
Z
DEALER - An IRS designation for a
person who regularly buys and sells real property.
DEBT
SERVICE - The amount of money
needed to meet the periodic payments of principal and interest when a debt
is amortized.
DECLARATION OF RESTRICTIONS - A
statement of all the covenants, conditions and restrictions ("CC&R's") which
affect a parcel of land.
DEDICATION - The application of
privately owned land to the public for no consideration, with the intent
that the land will be accepted and used for public purposes.
DEED
- A written instrument by which a property owner "grantor" transfers to a
"grantee" an ownership in real property.
DEED
OF TRUST - A legal document in
which title to property is transferred to a third party trustee as security
for an obligation owed by the trustor (borrower) to the beneficiary
(lender).
DEFAULT - Failure to fulfill a
duty or promise or failure to perform any obligation or required act. The
most common occurrence of default on the part of a buyer or lessee is
non-payment of money.
DEFERRED COMMISSIONS - Commissions which are earned but not yet fully paid.
DEFICIENCY JUDGEMENT - A judgment against a borrower, endorser, or guarantor for the balance
of the debt issued when the security for a loan is insufficient to satisfy
the debt.
DENSITY - A term, frequently used
in connection with zoning requirements, which means the maximum number of
building units per acre or the number of occupants or families per unit of
land area (acre, square mile, etc.); usually the ratio of land area to
improvement area.
DEPOSIT - Money offered by a
prospective buyer as an indication of good faith in entering into a contract
to purchase; earnest money; security for the buyer's performance of a
contract.
DEPRECIATION (APPRAISAL) - A loss
in value due to any cause; any condition which adversely affects the value
of an improvement.
DEPRECIATION (TAX) - For tax purposes, depreciation is an expense deduction taken for an
investment in depreciable property.
DEPTH
TABLE - Tables of percentage
designed to provide a uniform system of measuring the additional value to
lots which accrues because of added depth, with the extra depth valued
according to the added utility which it creates.
DESCENT - The acquisition of an
estate by inheritance, where an heir succeeds to the property by operation
of law. Descent literally means the hereditary succession of an heir to
property of an ancestor who dies intestate.
DESCRIPTION - The portion of a
conveyance document which defines the property being transferred.
DEVELOPER - One who attempts to
put land to its most profitable use by the construction of improvements.
DEVISE - A transfer of real
property under a will.
DISCLAIMER - A statement denying
legal responsibility, frequently found in the form of, "There are no
promises, representations, oral understandings or agreements except as
contained herein."
DISCOUNT POINTS - An added loan
fee charged by a lender to make the yield on a lower-than-market interest VA
or FHA loan competitive with higher interest conventional loans.
DISCRIMINATION - The act of making
a distinction against or in favor of a person on the basis of the group or
class to which the person belongs; the failure to treat people equally.
DISTRAINT - The right of a
landlord, pursuant to a court order, to seize a tenant's belongings for
rents in arrears.
DOMICILE - The state where an
individual has his true, fixed, permanent home and principal business
establishment and to which place he has the intention of returning whenever
he is absent.
DOUBLE ESCROW - An escrow set up
to handle the concurrent sale of one property and purchase of another
property by same party.
DOWER
- The legal right or interest a wife acquires in property her husband held
or acquired anytime during marriage.
DUAL
AGENCY - Representing both
principals (buyer and seller) to a transaction.
DUE
ON SALE CLAUSE - A form of
acceleration clause found in some mortgages, especially savings and loan
mortgages, requiring the mortgagor to pay off the mortgage debt when selling
the secured property, thus resulting in automatic maturity of the note at
the lender's option.
DUPLEX - A structure that provides
housing accommodations for two families by having separate entrances,
kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family
dwelling.
DURESS - Unlawful constraint or
action exercised upon a person whereby he is forced to perform some act
against his will. A contract entered into under duress is void.
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