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Covenant
A written agreement or promise ; in condominiums.
Covenant against encumbrances
Grantor warrants that there are no encumbrances other than those stated in the deed.
Covenant of further assurance
Grantor will procure and deliver to the grantee any subsequent documents necessary to make good the grantee's title.
Covenant of quiet enjoyment
Grantor warrants that the grantee will not be disturbed.
Covenant of seizin
Grantor warrants that he is the owner.
Curtesy
The legal right of a widower to a portion of his deceased wife's real property.
Datum
Any point, line, or surface from which a distance, vertical height or depth is measured.
Dedication
The voluntary conveyance of private land to the public.
Deed
A written document that when properly executed and delivered conveys title to land; as security.
Deed as security
A deed given to secure a loan and treated as a mortgage.
Deed of trust
A document that conveys legal title to a neutral third party as security for a debt.
Deed restrictions
Provisions placed in deeds to control how future landowners may or may not use the property (also called deed covenants).
Default
Failure to perform a legal duty, such as failure to carry out the terms of a contract.
Defeasance clause
A mortgage clause that states the mortgage is defeated if the accompanying note is repaid on time.
Deficiency judgement
A judgement against a borrower if the sale of pledged property at foreclosure does not bring in enough to pay the balance owed. .
Delayed exchange
A non-simultaneous tax-deferred trade.
Delinquent loan
A loan wherein the borrower is behind in his payments.
Demand-pull inflation
Higher prices due to buyers bidding against each other.
Deposit receipt
A receipt given for a deposit that accompanies an offer to purchase; also refers to a purchase contract that includes a deposit receipt.
Depreciation
Loss of usefulness and value.
Dereliction
The process whereby dry land is permanently exposed by a gradually receding waterline.
Devise
One who receives real property under a will.
Disaffirms
Revokes.
Discount broker
A full-service broker who charges less than the prevailing commission rates in his community.
Discount points
Charges made by lenders to adjust the effective rate of interest on a loan.
Discrimination
Equal Credit Opportunity Act 518.
Disintermediation
The movement of money out of savings accounts into corporate and government debt instruments.
Distributees
Those designated by law to receive the property of the deceased if he leaves no will.
Doctrine of prior appropriation
A legal philosophy that allows a first user to continue diverting water.
Documentary tax
A fee or tax on deeds and other documents payable at the time of recordation.
Dominant estate
The parcel of land which benefits from an easement.
Double declining balance
Depreciation at twice normal rates for income tax purposes.
Dower
The legal right a widow to a portion of her deceased husband's real property.
Dry closing
A closing that essentially complete except for disbursement of funds and delivery of documents.
Dry rot
A decay of wood that usually results from alternate soaking and drying over a long period.
Dual agency (divided agency)
Representation of two or more parties in a transaction by the same agent.
Due-on-sale
A clause in a note or mortgage that gives the lender the right to call the entire loan balance due if the property is sold or otherwise conveyed.
Duress
The application of force to obtain an agreement.
Earnest money deposit
Money that accompanies an offer to purchase as evidence of good faith.
Easement
The right or privilege one party has to use land belonging to another for a special purpose not inconsistent with the owner's use of the land.
Easement appurtenant
An easement that runs with the land.
Easement by necessity
An easement created by law usually for the right to travel to landlocked parcel of land.
Easement by prescription
Acquisition of an easement by prolonged use.
Easement in gross
An easement given to a person or business.
Economic base
The ability of a region to export goods and services to other regions and receive money in return. |
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