| Term | Definition |
|---|
| 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. |
| discount points (or points) | The amount paid either to maintain or lower the interest rate charged. Each point is equal to one percent (1%) of the loan amount (i.e., two points on a $100,000 mortgage would equal $2,000). |
