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D
datum:
a horizontal plane from which heights and depths are measured.
debit:
on a closing statement, an amount charged, that is an amount that a party must
pay.
decedent:
a person who has died.
Deceptive Trade Practices
Act (DTPA): part of the federal
Consumer Protection Act originally passed in 1973 and made specifically
applicable to real estate in 1975 prohibiting a number of false, misleading, or
deceptive acts or practices.
dedication:
the voluntary transfer of private property by its owner to the public for some
public use, such as for streets or schools.
deductible clause: a clause in an insurance policy that limits the exposure to loss for
an insured homeowner.
deed:
a written instrument that, when executed and delivered, conveys title to or an
interest in real estate.
deed in lieu of
foreclosure: a deed given by the
mortgagor to the mortgagee when the mortgagor is in default under the terms of
the mortgage. This is a way for the mortgagor to avoid foreclosure.
deed of trust:
an instrument used to create a mortgage lien by which the mortgagor conveys his
or her title to a trustee, who holds it has security for the benefit of the
lender; also called a trust deed.
deed restrictions: clauses in a deed limiting the future uses of the property.
deed without warranty:
a deed that carries with it no warranties against liens or other encumbrances
but that does imply that the grantor has the right to convey title; a bargain
and sale deed
default:
the nonperformance of duty, whether arising under a contract or otherwise;
failure to meet an obligation when due.
defeasance clause: a provision in leases and mortgages that cancels a specified right on
the occurrence of a certain condition, such as cancellation of a mortgage on
repayment of the mortgage loan.
defeasible fee estate:
an estate in which the holder has a free simple title that maybe be divested on
the occurrence or nonoccurrence of a specified event. The two categories of
defeasible fee estates are fee simple determinable and fee simple subject to a
condition subsequent.
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 that are past due.
delivery and acceptance:
title passes when the grantor delivers the deed and the grantee accepts it. The
deed may be delivered personally or through a third-party escrow agent;
recordation by the county clerk creates an assumption of delivery and
acceptance.
demand:
the amount of goods people are willing and able to buy at a given price; often
coupled with supply.
demographics:
the characteristics of human populations, such as size, growth, density,
distribution, and vital statistics.
Department of Housing and
Urban Development (HUD): Federal
agency that administers the Fair Housing Act of 1968.
depreciated cost: the value of a property after deducting an allowance for depreciation.
descent:
acquisition of property through inheritance laws when there is no will.
determinable free estate:
a fee simple estate in which the property automatically reverts to the grantor
upon the occurrence of a specified event or condition.
developer:
one who converts raw land into a platted subdivision, installs utilities and
paves streets and who also may construct buildings on lots and sell them.
devise:
a gift of real property by will. The donor is the devisor and the recipient is
the devisee.
discount points: an added loan fee charged by a lender to make the yield on a
lower-than-market-value loan competitive with higher-interest-rate loans.
discount rate:
1. the interest rate charged member banks that borrow from the Federal Reserve
System. 2. the rate used to convert future income into present value.
diversification: distribution of investments among several companies or several types of
investments (such as savings accounts, individual retirement accounts, stocks,
bonds, mutual funds, and real estate) in order to average the risk of loss.
doctrine of relation back:
irrevocable deposit of the executed deed, purchase money, and instructions into
escrow pending performance of escrow conditions.
dominant tenement: a property that includes in its ownership the appurtenant right to use
an easement over another person’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
husband’s lifetime the right is only a possibility of an interest; on his death
it can become an interest in land. Dower is not recognized in Texas.
duress:
unlawful constraint or action exercise on a person whereby the person is forced
to perform an act against his or her will. A contract entered into under duress
is considered voidable.
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