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D

Deed
A formal written instrument by which title to real property is
transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. (See also deed of trust, general warranty deed, quitclaim deed, and special warranty deed.)

Deed: Document that conveys ownership interest in real property from grantor to a grantee.
DEED IN LIEU OF FORECLOSURE - A conveyance of title to the secured lender as an alternative to foreclosure.
 

Deed of Trust
Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few States have begun in recent years to treat the deed of trust like a mortgage.

DEED OF TRUST - A financing arrangement in which a borrower (trustor) places title to the property with a trustee as security for a note to the lender (beneficiary).

DEED RESTRICTIONS - A clause in a deed either requiring or prohibiting a certain use of the property by the grantee.

Default
Failure to make mortgage payments as agreed to in a commitment based on the terms and at the designated time set forth in the mortgage or deed of trust. It is the mortgagor's responsibility to remember the due date and send the payment prior to the due date, not after. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In the event of default, the mortgage may give the lender the right to accelerate payments, take possession and receive rents, and start foreclosure. Defaults may also come about by the failure to observe other conditions in the mortgage or deed of trust.

DEFAULT - Failure to perform under a contract.

DEFEASANCE CLAUSE - The termination of a property interest in accordance with stipulated conditions (as in a deed).

DEFEASIBLE FEE - Ownership of land subject to certain conditions that, if violated, will result in termination of title.

DEFICIENCY JUDGMENT - An additional claim by the lender against the borrower after foreclosure if the debt was not fully satisfied by the foreclosure sale proceeds.

DELIVERY AND ACCEPTANCE - The two events required to consummate a conveyance.

DEMAND - The desire or need for a product in a marketplace.

DEMOGRAPHICS - The population analysis of an area including population and employment analysis.

Depreciation: Any decline in value for any reason.

DERELICTION - Results when a water source expands and covering the dry land that is there.

DESCENT AND DISTRIBUTION - The process of inheritance under the law when a decedent has no will (dies intestate).

DESIRED RATE OF RETURN - Capitalization rate. What the market expects to earn as a percentage on a particular investment.

Documentary Stamps
A State tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each State. DOMINANT ESTATE/TENEMENT - The neighboring parcel of land that benefits from a right of access or passage over the servient estate.

DOWER - A wife's legal right to an estate in her deceased husband's inheritable property. Similar courtesy for men.

Downpayment
The amount of money to be paid by the purchaser to the seller upon the signing of the agreement of sale.  The downpayment may not be refundable if the purchaser fails to buy the property without good cause. If the purchaser wants the downpayment to be refundable, he should insert a clause in the agreement of sale specifying the conditions under which the deposit will be refunded, if the agreement does not already contain such clause. If the seller cannot deliver good title, the agreement of sale usually requires the seller to return the downpayment and to pay interest and expenses incurred by the purchaser.

DOWNZONE - A change in zoning to a lesser use that results in lower value.

DUAL AGENCY - An agent who represents both principals in a transaction.

DURESS - Threat or other unlawful coercion to induce someone to action or to prevent actions.

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