| datum |
A horizontal plane from which
heights and depths are measured.
|
| Discount ARM |
mortgages offered at a rate that is discounted below the index
measure, plus margin for the lender. Similar to a promotional ARM,
these loans provide the discounted rate for the initial term and adjust
at the end of the initial term. Discount ARM's may carry
substantial loan origination fees and additional points payment
requirement, both of which add significantly to the cost of the loan.
The extra points payment at closing acts in the same manner as buying
down the interest rate. |
| discounted commission |
A broker commission rate of less than 6%. Some brokers may
accept your home for sale at below market commission rates depending on
the services they feel they must provide. |
| declining-balance method |
An accounting method of calculating
depreciation for tax purposes designed to provide large deductions in
the early years of ownership. (See also ACCELERATED DEPRECIATION.)
|
| dedication |
The voluntary transfer of private
property by its owner to the public for some public use, such as for
streets or schools.
|
| deed |
A written instrument that, when
executed and delivered, conveys title to or an interest in real estate.
|
| deed of conveyance |
The instrument used to reconvey
title to a trustor under a trust deed once the debt has been satisfied.
|
| deed restrictions |
Clauses in a deed limiting the
future uses of the property. Deed restrictions may impose a vast variety
of limitations and conditions, such as limiting the density of
buildings, dictating the types of structures that can be erected, and
preventing buildings from being used for specific purposes or from being
used at all.
|
| default |
The nonperformance of a duty, whether
arising under a contract or otherwise; failure to meet an obligation
when due.
|
| defeasance clause |
A clause typically found in a
mortgage document that provides for the defeat of the mortgagee’s
interest when the debt has been entirely repaid.
|
| deficiency judgment |
A personal judgment levied against
the mortgagor when a foreclosure sale does not produce sufficient funds
to pay the mortgage debt in full.
|
| delinquent taxes |
Unpaid taxes which are past due.
|
| demand |
The willingness of a number of
people to accept available goods at a given price; often coupled with
supply.
|
| density zoning |
Zoning ordinances that restrict the
average maximum number of houses per acre that may be built within a
particular area, generally a subdivision.
|
| depreciation |
1. In appraisal, a loss of value in
property due to all causes, including physical deterioration,
functional depreciation, and economic obsolescence. 2. In real
estate investment, an expense deduction for tax purposes taken over the
period of ownership of income property.
|
| determinable fee estate |
A fee simple estate in which the
property automatically reverts to the grantor upon the occurrence of a
specified event or condition.
|
| discount broker |
A discount broker represents the seller at a reduced fee or commission,
as compared to the fees normally charged by a full-service broker. In
exchange for a reduced fee, the discount broker may offer a limited
marketing package. Depending on your arrangement, a discount
broker may show the home less often, provide limited advertising the
home, or refer calls from potential buyers to the home owner. |
| discount points |
An added loan fee charged by a
lender to make the yield on a lower-than-market-value FHA or VA loan
competitive with higher-interest conventional loans.
|
| dominant tenement |
A property that includes in its
ownership the appurtenant right to use an easement over another’s
property 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. During the lifetime of
the husband, the right is only a possibility of an interest; upon his
death it can become an interest in land. Dower rights have been modified
by law in most states. (See also CONSUMMATE RIGHT, INCHOATE RIGHT.)
|
| dual agency |
Representing both parties to a
transaction, unethical and illegal in many states.
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