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- 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") which affect a parcel of land.
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.);
usually the ratio of land area to improvement area.
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 of an improvement.
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 concurrent 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 and loan mortgages, requiring the mortgagor to pay off the
mortgage debt when selling the secured property, thus resulting in
automatic maturity of the note at the lender's option.
DUPLEX - A
structure that provides housing accommodations for two families by having
separate entrances, kitchens, bedrooms, lanais, living rooms and
bathrooms. A two-family dwelling.
DURESS -
Unlawful constraint or action exercised upon a person whereby he is forced
to perform some act against his will. A contract entered into under duress
is void.
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Hernando
County Real Estate 
