"D" Vocab Flashcards
Decedent
a person who dies
Dedication
the donation of private property by its owner to a governmental body for public use
Deed
a written document that, when properly signed and delivered, conveys title to real property from the grantor to the grantee
Deed in Leu
a foreclosure instrument used to convey title to the lender when the borrower is in default and wants to avoid foreclosure
Deed of Trust / trust deed
a deed inwhich the title to property is transferred to a third–party trustee to secure repayment of a loan
Deed Restriction
an imposed restriction for the purpose of limiting the use of land, such as the size or type of improvements to be allowed. AKA restrictive covenant.
Depreciation
a loss in value due to physical deterioration, functional, or external obsolescence
Descent
the transfer of property to an owner’s heirs when th eowner dies intestate
Devise
the transfer of title to real estate by will
Devisee
one who recieves a bequest of real estate by will
Devisor
one who grants real estate by will
Discount Point
1% of the loan amount charged by a lender at closing to increase a loan’s effective yield and lower the fare rate to the borrower
Discount Rate
the rate that lenders oay for mortgage funds––a higher rate is passed on to the borrower
Dispossess
to remove a tenant from property by legal process
Dominant Estate (tenament)
property that includes the right to use an easement on adjoining property
Dual Agency
an agent who represents both parties in a transaction
Due on Sale Clause
a provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage
Duress
the sue of unlawful means to force a person to act or to refrain from an action against his or her will
