| Term | Definition |
|---|
| 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). |
| discount rate | (1) The rate charged member banks who borrow from the Federal Reserve System. (2) The rate used to convert future income into present value. |
| dispossess | To oust from land by legal process. |
| dominant tenement | Property that carries a right to use a portion of a neighboring property. For example, property that benefits from a beach access trail across another property is the dominant tenement. |
