D

Damages - (1) Money recoverable by one suffering a loss or injury. (2) the loss of value to property adjoining a property taken in condemnation proceedings, rather than the value of the property taken.

Debt - Money owing from one person to another.

Debtor - One who owes a debt.

Declaration - (See Declaration of Restrictions; Restriction; Condominium Map)

Declaration of Restrictions - A set of restrictions filed by a subdivider to cover an entire tract or subdivision.

Declaration of Trust - A written acknowledgement by one holding legal title to property that the property is held in trust for the benefit of another.

Decree of Distribution - A probate court decree which determines how the estate of a decedent shall be distributed.

Deed - Written document by which an estate or interest in real property is transferred from one person to another. The person who transfers the interest is called the "grantor." The one who acquires the interest is called the "grantee." Examples of deeds are grant deeds, administrator's deeds, executor's deeds, quitclaim deeds, etc. The deed to use depends on the language of the deed, the legal capacity of the grantor and other circumstances.

Deed in Lieu - A deed from the owner (debtor) to a lender to prevent foreclosure. There are usually statutory provisions as to fairness of value and absence of coercion which must be recited on the deed.

Deed in Lieu of Foreclosure - A deed given by an owner/borrower ot a lender to prevent the lender from bringing foreclosure proceedings. The validity of the deed depends to some degree on "fairness" under the circumstances, and adequacy of consideration will be considered.

Deed of Reconveyance - (See Reconveyance).

Deed Restrictions - Limitations on the use of property placed in the conveyancing deed by the grantor, which bind all future owners.

Deed of Trust or Trust Deed - A written document by which the title to land is conveyed as security for the repayment of a loan or other obligation. It is a form of mortgage. The landowner or debtor is called the "trustor." The party to whom the legal title is conveyed (and who may be called on to conduct a sale thereof if the loan is not paid) is the "trustee." The lender is the "beneficiary." When the loan is paid off, the trustee is asked by the beneficiary to issue a "recon" or reconveyance. This reconveyance corresponds to the release that the holder of a mortgage executes when the mortgage is paid off.

Default - An omission or failure to perform a legal duty.

Default Judgment - A judgment entered against a party who fails to appear in court at the scheduled time.

Defeasible Title - Title which is not absolute but possibly may be annulled or voided at a later date. For example: Title conveyed to A with condition that if A marries before age 30, title will go to B. A's title may be good (doesn't marry) or may be defeated (marries before 30).

Defect - A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.

Defective Title - (1) Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title.

Defendant - The person against whom a civil or criminal action is brought.

Deferred Maintenance - Repairs necessary to put a property in good condition. A concern of a purchaser. An owner may have an account for such maintenance.

Demand Note - A note having no date for repayment, but due on demand of the lender.

Demise - A lease or conveyance for life or years. Loosely used to describe any conveyance, whether in fee, for life, or for years.

Demographics - Statistics. Commonly refers to statistical information required by certain businesses (especially chain stores) regarding a possible new location.

Department of Real Estate - That department of the state government responsible for the licensing and regulation of persons engaged in the real estate business. The person heading the department is usually called the real estate commissioner. Other names of the department are the division of real estate and the real estate commission.

Deposit - (1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

Depreciation - (1) Decrease in value to real property improvements caused by deterioration or obsolescence. (2) a loss in value as an accounting procedure to use as a deduction for income tax purposes.

Description - The exact location of a piece of real property stated in terms of lot, block, tract, part lot, metes and bounds, recorded instruments, or U.S. Government survey (sectionalized). This is also referred to as legal description of property.

Developer - (1) A builder. (2) one who prepares the raw land for construction and then sells lots to a builder.

Development - A planned construction project, rather than simply the building of unrelated buildings.

Dissolution - A cancellation or annulment of a contract or business associate, such as a partnership or corporation.

District - An area geographically set apart for a specific purpose, such as a congressional district or drainage district. The boundaries of one may overlap the other.

Dividend - A dividing into shares of a fund of money or property for distribution, as among shareholders of a corporation. The money or property distributed is the dividend.

Division Wall - (1) A wall between two buildings, but not a part of either. (2) a wall which divides a building into rooms. Differs from a partition in that it is load-bearing.

Divorce - The legal dissolution of a marriage, leaving the parties with the results of the marriage (includes alimony, child support, property settlements, etc.) Rather than an annulment which puts the parties in the position they were before the marriage.

Domicile - (1) A legal term signifying a place where a person has his permanent home. The most accurate meaning is the layman's understanding of the place where a person "lives", since this takes into consideration the intent of the person to make a particular property his "home". (2) the state or country in which a corporation is chartered (organized), such as a corporation "domiciled" in the U.S.

Double Escrow - Two concurrent escrows on the same property, having the same party as buyer and seller of the property. Example: escrow 1-a buys from b. Escrow 2-a sells the same property to c, a is using c's money to buy b's property. The process is illegal in many states unless full disclosure is made.

Down Payment - Cash portion paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed.

Duplex - (1) Any building containing exactly two dwelling units. Most commonly refers to the units which are side by side, with a common wall and roof. (2) an apartment on two floors or levels.

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