| Term | Definition |
|---|
| deed in lieu (of foreclosure) | A means of escaping an overly burdenome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender. |
| deed of trust | The legal instrument in which the property is conveyed in trust to a trustee to be held as security for a loan. Commonly but inaccurately referred to as a "mortgage". |
| deed restrictions | Deed restrictions cover allowable land uses and home types and sizes within a neighborhood or on a specific property. |
| default | Non-performance of a duty arising under a contract or otherwise. |
| defeasanse | A clause in a deed, lease, will or other legal document that completely or partially negates the document if a certain condition occurs or fails to occur. Defeasance also means the act of rendering something null and void. For example, a will may provide that a gift of property is defeasable--that is, it will be void--if the beneficiary fails to marry before the willmaker's death. |
| delivery | The actual transfer of the deed, or an act of a seller showing intent to make a deed effective, without which, there is no transfer of title to the property. |
| depreciation | A loss in value. |
| descent | Acquisition of property through inheritance laws when there is no will (when a person dies intestate). |
| devise | A transfer of real estate by will or last testament. |
| disclosure | The making known of a fact that had previously been hidden; a revelation. For example, in many states you must disclose major physical defects in a house you are selling, such as a leaky roof or potential flooding problem. |
