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Damages – The indemnity recoverable by an injured party to
compensate him for the loss suffered through an act of default of
another.
Declaration – To make known openly and in definite terms;
that which, along with by-laws, defines the rules by which a condominium
will exist.
Deed – An instrument in writing, duly executed and delivered
by the grantor that conveys to the grantee some right or interest
in or to real estate.
Deed of Trust – Similar to a mortgage but title is transferred
to a trustee pending payment of the debt.
Deficiency Judgment – A judgment for the balance of a debt;
issued when the net proceeds from the foreclosure sale are less
than the indebtedness sued upon.
Delivery – The act or intent of transferring an instrument
from one person to another in such a way that it cannot be recalled.
Depreciation – Loss of value brought about by physical deterioration
or functional or economic obsolescence.
Deterioration – Loss in value brought about by wear and
tear.
Direct Sales Comparison Approach – A means of estimating
value by comparing recent sales of comparable properties to the
subject property after making appropriate adjustments for any differences.
Also called market data approach.
Discount Points – A fee based on a percentage of a loan,
charged by a lender, as a service charge, or as an amount needed
to produce the same yield on a VA loan that he would receive in
the conventional mortgage market; each point charged represents
1 percent of the loan amount and increases the interest rate by
1/8 of one percent.
Dominant Estate – An estate attached to and benefiting form
the servient estate, e.g., and easement runs over the servient estate
and serves the dominant estate; also called dominant tenement.
Down Payment – The amount of cash paid by a buyer which,
added to the mortgage amount, equals the total sales price. At the
time of closing this is referred to as equity.
Due on Sale – A mortgage clause permitting acceleration
of the loan if the mortgagor attempts to transfer title or interest
to the secured property.
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