GLOSSARY of American & Mexican
Real Estate Terms
D
Debit
Money owed (Debt).
Decree
Court order.
Deed - Cesion
A signed and seal instrument containing some
legal transfer.
Deed of Trust - Escritura Publica, Escritura de
Fideicomiso
A written instrument, usually under seal, which
contains an agreement to transfer some property interest from a
grantor to a grantee.
Deed of Release
Given by lien holders, remainder-men or
mortgages to relinquish their claims on the property.
Deed of Trust
A deed to real property, which serves the same
purpose as a mortgage, involving three parties instead of two. The
third party holds naked title for the benefit of the lender.
Beneficiary (Lender), Trustor (Borrower), Trustee (Third Party)
Fideicomiso.
Defeasible Fee Simple / Fee Simple
Defeasible
Ownership with conditional restrictions which,
if broken, can result in title to the property reverting back to the
grantor or his heirs.
Defect in Title
Any lien, claim or encumbrance, on a particular
piece of Sedona real estate, that has been properly recorded in the
public
records. Recorded defects impair clear title and may result in the
title being unmarketable.
Deposit - Deposito, Arras
The money paid up-front by a purchaser as
security for her completing the transaction. Also known as "good
faith money" or "earnest money". An instrument which is not
registered on title but placed in the records for a given piece of
land for information purposes.
Depreciation
A decrease in value due to physical
deterioration, functional or economic obsolescence.
Descent
Refers to any passage of title to property, upon
intestacy to those heirs, related by blood or marriage, whom the law
designates.
Devise
Transferring title to real property by means of
a will.
Developer - Desarrollador
One who attempts to put land to its most
profitable use through the construction of improvements.
Development - Desarollo
A developed tract of land.
Disbursement Instructions - Instruciones
Referente a la Distribucion Acordadas Entre el Venedor y el
Comprador
The document giving notice on the manner in
which funds will be paid out.
Disclosure - Declaracion
A statement to a potential buyer listing
information relevant to a piece of property, such as the presence of
radon or lead paint.
Disclosure Statement - Documento de
Declaracion
This document provides information concerning
the current physical, legal and economic condition of the
property.
Discount Points
A fee charged by the lender at settlement that
results in increasing the lender's effective yield on the money
borrowed. One discount point equals one percent of the loan
amount.
Dominant Estate
The tract of land in an easement appurtenant
which benefits from the easement.
Down Payment
The amount paid by the purchaser, which when
added to the mortgage amount, equals the total sales price. At time
of closing this is referred to as equity.
Dual Agency
The common real estate practice wherein an agent
or broker attempts to work with the buyer and seller simultaneously.
The National Association of Realtors has legitimized dual agency
despite the inherent conflicts of interest that tend to negate the
fiduciary obligations of the agent and broker to the principals.
Due Diligence - Diligencia Debida
Such a measure of prudence, activity, or
assiduity, as is properly to be expected from, and ordinarily
exercised by, a reasonable and prudent man under the particular
circumstances; not measured by any absolute standard, but depending
on the relative facts of the special case.
Due-on-Sale Clause
A clause, included in many mortgages, permitting
the lender to require the borrower to repay the outstanding balance
when the property is sold. Prevents loan assumption.
Duration - Plazo
The time during which something exists or
lasts.
Duress
Involves the use of force or improper actions,
against a person or property, in order to induce a party to enter
into a contract.
Duty - Obligacion
Obligatory tasks, conduct, service, or functions
that arise from one's position (as in life or in a group).
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