DEALER - An IRS designation for a person who regularly buys and
sells real property.
DEBT SERVICE - The amount of money needed to meet the periodic
payments of principal and interest when a debt is amortized.
DECLARATION OF RESTRICTIONS - A statement of all the covenants,
conditions and restrictions ("CC&R's").
DEDICATION - The application of privately owned land to the
public for no consideration, with the intent that the land will
be accepted and used for public purposes.
DEED - A written instrument by which a property owner "grantor"
transfers to a "grantee" an ownership in real property.
DEED OF TRUST - A legal document in which title to property is
transferred to a third party trustee as security for an
obligation owed by the trustor (borrower) to the
beneficiary(lender).
DEFAULT - Failure to fulfill a duty or promise or failure to
perform any obligation or required act. The most common
occurrence of default on the part of a buyer or lessee is
non-payment of money.
DEFERRED COMMISSIONS - Commissions which are earned but not yet
fully paid.
DEFICIENCY JUDGEMENT - A judgment against a borrower, endorser,
or guarantor for the balance of the debt issued when the
security for a loan is insufficient to satisfy the debt.
DENSITY - A term, frequently used in connection with zoning
requirements, which means the maximum number of building units
per acre or the number of occupants or families per unit of land
area (acre, square mile, etc.).
DEPOSIT - Money offered by a prospective buyer as an indication
of good faith in entering into a contract to purchase; earnest
money; security for the buyer's performance of a contract.
DEPRECIATION (APPRAISAL) - A loss in value due to any cause; any
condition which adversely affects the value.
DEPRECIATION (TAX) - For tax purposes, depreciation is an
expense deduction taken for an investment in depreciable
property.
DEPTH TABLE - Tables of percentage designed to provide a uniform
system of measuring the additional value to lots which accrues
because of added depth, with the extra depth valued according to
the added utility which it creates.
DESCENT - The acquisition of an estate by inheritance, where an
heir succeeds to the property by operation of law. Descent
literally means the hereditary succession of an heir to property
of an ancestor who dies intestate.
DESCRIPTION - The portion of a conveyance document which defines
the property being transferred.
DEVELOPER - One who attempts to put land to its most profitable
use by the construction of improvements.
DEVISE - A transfer of real property under a will.
DISCLAIMER - A statement denying legal responsibility,
frequently found in the form of, "There are no promises,
representations, oral understandings or agreements except as
contained herein."
DISCOUNT POINTS - An added loan fee charged by a lender to make
the yield on a lower-than-market interest VA or FHA loan
competitive with higher interest conventional loans.
DISCRIMINATION - The act of making a distinction against or in
favor of a person on the basis of the group or class to which
the person belongs; the failure to treat people equally.
DISTRAINT - The right of a landlord, pursuant to a court order,
to seize a tenants belongings for rents in arrears.
DOMICILE - The state where an individual has his true, fixed,
permanent home and principal business establishment and to which
place he has the intention of returning whenever he is absent.
DOUBLE ESCROW - An escrow set up to handle the sale of one
property and purchase of another property by same party.
DOWER - The legal right or interest a wife acquires in property
her husband held or acquired anytime during marriage.
DUAL AGENCY - Representing both principals (buyer and seller) to
a transaction.
DUE ON SALE CLAUSE - A form of acceleration clause found in some
mortgages, especially savings mortgages, requiring the mortgagor
to pay off the mortgage debt when selling the property,
resulting in maturity of the note at the lender's option.
Santaquin Utah Real Estate
