REAL ESTATE DICTIONARY - D
Declaration of Restrictions
A set of restrictions filed by a sub divider to cover
an entire tract or subdivision.
Dedication
The voluntary giving of private property to some public
use by the owner, as the dedication of land for streets,
schools, etc., in a development.
Deed
Formal written document transferring title to real estate;
a new deed is used for each transfer. 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. (See also deed of trust, general warranty deed,
quitclaim deed, and special warranty deed.)
Deed of Trust
An instrument given by the borrower to a third party
(trustee) vesting title to the property in the trustee
as security for the borrower's repayment of the mortgage
loan.
Deed of Trust Rider
The document required by the lender to be recorded along
with the security instrument for an ARM.
Deed Restriction
Restrictions placed on use of real property by writing
in a deed to control use and occupancy of the property
by future owners.
Default
Failure to make mortgage payments or violations other
provisions of the mortgage note.
Defective Title
Title to real property which lacks some of the elements
necessary to transfer good title. Title to a negotiable
instrument obtained by fraud.
Deficiency Judgment:
Personal claim against the debtor when the sale of foreclosed
property does not yield sufficient proceeds to pay off
the loan (s) and accrued interest.
Deposit
Also called Earnest Money Deposit, the deposit is money
given to the seller or his agent by the potential buyer
upon the signing of the agreement of sale to show that
he is serious about buying the house. If the sale goes
through, the earnest money is applied against the down
payment. If the sale does not go through, the earnest
money deposit will be forfeited to the seller unless
the purchase contract expressly provides conditions
for its return to the buyer.
Depreciation
Decrease in value to real property improvements due
to wear and tear, adverse changes in the neighborhood,
or any other reason.
Devise
Real Estate left by will.
Devisee
One to whom real estate is given by will.
Devisor
A testator who leaves real estate.
Direct Endorsement
A lender that can complete the processing and closing
of an FHA loan without prior approval from FHA.
Direct Reduction Mortgage
An amortized mortgage in which principal and interest
are computed on the remaining balance.
Discount
A loan funded below par (100%). Lenders or investors
will fund loans at a discount in order increase the
overall yield on the note.
Discount
A loan funded below par (100%). Lenders or investors
will fund loans at a discount in order to increase the
overall yield on the note.
Disbursements
Payments made during the course of an escrow or at closing.
Documentary Tax Stamps
Stamps affixed to a deed showing the amount of transfer
tax. In Nebraska the documentary tax is $1.75 for each
thousand dollars of the selling price.
Dower
The rights of a widow to a portion of her deceased husband's
property.
Down Payment
Cash to be paid by the buyer at closing to consummate
a real estate transaction. Down payment is the difference
between the sales price and the mortgage amount.. Buyer
cash required at closing includes the down payment,
closing costs and prepaid expenses.
Dragnet Clause
A clause in a mortgage or deed of trust which places
the real estate as security for existing debts between
the parties.
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