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Ma Real Estate D-1

Terms & Definitions D-1

TermDefinition
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.
Created by: sunaecm4