Glossary
D
DBA: Acronym for "doing business as."
DECEDENT: A deceased person.
DECREE: A judgment by a court.
DEDICATION: The setting aside of certain land by the owner and declaring it to be for some public use, accompanied by acceptance of such use by the public. Example: streets, sidewalks, parks.
DEED: A conveyance of realty; a writing signed by grantor, whereby title to realty is transferred from one to another. National Fire Insurance Company vs. Patterson, 170 Okl. 593, 41 p.2d 645, 647.
DEED BOOK: A book among the public records in which deeds are recorded.
DEED OF TRUST: An instrument used in many states in place of a mortgage. Property is transferred to a Trustee by the borrower (Trustor) in favor of the lender (Beneficiary) as security for a loan. The Deed of Trust is reconveyed upon payment in full.
DEED RESTRICTION: A restriction contained in a deed which limits the use or occupancy of the real estate or the type, size, purpose and location of improvements to be constructed on it.
DEFAULT: Failure to perform a promised task or to pay an obligation when due.
DEFAULT JUDGMENT: Judgment taken against a defendant who fails to appear in court.
DEFEASANCE: An instrument which defeats the force or operation of some other deed or estate. A collateral deed made at the same time with a feoffment or other conveyance, containing certain conditions, upon the performance of which the estate then created may be defeated or totally undone. Black's Law Dictionary,5th Edition.
DEFEASANCE CLAUSE: Clause in a mortgage that gives the mortgagor (borrower) the right to redeem his property on payment of his obligation to the mortgagee (lender).
DEFECT: A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
DEFENDANT: The party who is being sued in a court of law.
DEFICIENCY JUDGMENT: When property at a mortgage foreclosure sale does not bring enough money to pay the mortgage debt plus costs of foreclosure, the court will enter a deficiency judgment against the mortgage debtor for the difference between the sale price and the mortgage debt plus costs.
DEMISE: (1) Death. (2) To transfer title to property or an interest in property by will or lease.
DESCRIPTION: The exact location of a piece of property stated in terms of lot, block, tract, part lot, metes and bounds, or U.S. Government survey (sectionalized). This is also referred to as a legal description of property.
DEVISE: A gift of real estate made by a will.
DEVISEE: One who is given real estate under a will.
DISPOSSESS: To deprive one of the possession and use of real estate.
DOMINANT ESTATE: The property for the benefit of which a right-of-way easement exists across another's adjoining piece of land is said to be the dominant estate. The land across which the easement runs is said to be the servient estate.
DOWER: A right which a wife has in her husband's property effective at the time of his death.
DRAFT: The common term for a bill of exchange. A written order from one person to another, directing that person to pay to a third person a set sum of money. A draft is distinguishable from a cashier's check in that a draft is payable on demand against money on deposit, while a cashier's check is a primary obligation of the bank that issues it.
DRAW: A partial advance of the proceeds of a construction loan mortgage, to which the borrower is entitled when construction reaches a certain specified stage.
DRESSER DRAWER TITLE: When an owner neglects to record his deeds and other real estate papers and places then instead in dresser drawers, or in a show box in a closet, or under the mattress, and there is nothing of record which shows any title in the supposed owner, his title is often referred to as a dresser drawer title.
DUE-ON-SALE CLAUSE: A provision in a trust deed or mortgage calling for automatic maturity at the lender's option in the event of sale or transfer of the real property to a third party; also called an alienation clause.