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Ma Real Estate D-1
Terms & Definitions D-1
Term | Definition |
---|---|
Decreasing Return | Concept in appraisal, that holds some improvements to real estate increase value by less than the amount invested. |
Deed | Written instrument, that transfers ownership of real property from one party to another. |
Deed Restrictions | Provisions in a deed that limits the future use of the property. |
Deed in Trust | Deed used when a grantor (trustor) transfers title to a trust controlled by a trustee for the benefit of a beneficiary. |
Defeasance Clause | A clause used in a lease or a mortgage to cancel a certain right, when a specific condition has been met. EXAMPLE: To cancel the granting clause to the bank, when the mortgage has been fully paid. |
Deficiency | The amount of a debt not covered, when the security for a loan is not sufficient. At the time of a foreclosure the debt not covered is a deficiency. |
Delivery | The legal act of transferring property. Must include the grantor's intent to transfer. |
Demand | One of the elements of value in appraisal. The amount of goods ,that the market will buy at a certain price. Associated with supply. |
Demand Letter | Under M. G. L chapter 93A Consumer Protection Law, the letter sent to the individual against, whom the action is to be taken. Begins a 30 day response cycle that precedes any further legal action. |
Demand Mortgage | Mortgage where the lender (mortgagee) has the right to call the note due at anytime. |
Demise | Conveyance of an interest in real estate, for a specific period of time as in rent or lease. |
Depreciation | A reduction in value due to any cause. In appraisal of real estate it includes physical deterioration, functional obsolescence and economic obsolescence. |
Descent | Acquisition of an estate by means of inheritance (without a will). |
Designated Agent | An agent appointed by another agent, within an office, to represent either the seller or buyer. |