Real Estate Insurance Terms - D

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DALE - A valley between hills or other high ground.

DAM - An earthen, metal, masonry or wooden wall or barrier across a flow of water, which is used to restrict or prevent the water from flowing.

DAMAGES - (1) Money recoverable by one suffering a loss or injury. (2) The loss of value to property adjoining a property taken in condemnation proceedings, rather than the value of the property taken.

DAMPER - An adjustable plate in the flue of a fireplace or furnace, which is used to control the draft from the flames.

DATUM - A position from which distances are measured.

DEAD-END STREET - A street having ingress and egress at one end only. Differs from a cul de sac in that the dead-end street does not have an enlarged area at the closed end for U-turns.

DEAD RENT - A term used in mining to indicate the fixed annual rent, exclusive of royalties. In commercial percentage leases, usually called minimum rent or base rent.

DEBENTURE - Unsecured indebtedness, usually long-term. Most common debentures are in the form of bonds.

DEBIT - An accounting term used to designate a payment or owing, as opposed to a credit which is a receiving or being owed.

DEBT - Money owing from one person to another.

DECEDENT - Originally, one who was dying. Modernly, one who is dead.

DECIBEL - A unit of measurement for sound or noise levels. Some states require a builder to make a purchaser aware of the noise level in given areas (usually near airports).

DECIDUOUS TREES - Those which shed their leaves or fruit at seasonal intervals.

DECK - Any flat surface which resembles the deck of a ship and is not enclosed. A flat area on a roof, roof of a porch, etc.

DECLARATORY JUDGMENT - A determination by a court as to the legal rights of the plaintiff, with no order for relief. The judgment is binding on future litigation.

DEED - Actually, any one of many conveyancing or financing instruments, but generally a conveyancing instrument, given to pass fee title to property upon sale.

DEED IN LIEU OF FORECLOSURE - A deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings. The validity of the deed depends to some degree on "fairness" under the circumstances, and adequacy of consideration will be considered.

DEED OF TRUST - An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full.

DEED RESTRICTIONS - Limitations on the use of property placed in the conveyancing deed by the grantor, which bind all future owners.

DEFAULT JUDGMENT - A judgment entered against a party who fails to appear in court at the scheduled time.

DEFECTIVE TITLE - (1) Title to a negotiable instrument obtained by fraud. (2) Title to real property which lacks some of the elements necessary to transfer good title.

DEFENDANT - The person against whom a civil or criminal action is brought.

DEFICIENCY JUDGMENT - Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt. Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale deducted from this amount.

DELIVERY - In conveyancing, the placing of the property in the actual or constructive possession of the grantee. Usually accomplished by delivery of a deed to the buyer or agent of the buyer, or by recording said deed.

DEMAND NOTE - A note having no date for repayment, but due on demand of the lender.

DEPOSIT - (1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

DEPRECIATION - (1) Decrease in value to real property improvements caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

DESIST AND REFRAIN - To stop doing what one is doing and not to start doing it again in the future. The real estate commissioner in some states has the power to issue a desist and refrain order when real estate laws are violated.

DETERIORATION - A gradual wearing away of a structure through use or exposure to the elements, rather than a sudden destruction. Also called physical depreciation.

DEVISE - Real estate left by will.

DEVISEE - One to whom real estate is given by will.

DEVISOR - A testator who leaves real estate.

DIKE - (1) A ditch or channel for water. (2) A barrier erected to restrain the flow of water. A levee.

DIRECT STEAM SYSTEM - A radiator system fed from a steam boiler.

DISCLAIMER - (1) Statement on a publication attempting to limit liability in the event the information is inaccurate. (2) Renunciation of a claim or right of another. (3) Refusal to accept an estate, either as trustee or as owner.

DISPOSITION - The giving up or alienating of property.

DISBURSEMENTS - Payments made during the course of an escrow or at a closing.

DISTRESS SALE - A sale of property when the seller is under extreme pressure to sell. Generally the property is sold for less than market value.

DISTRIBUTION TILE - Tile, usually clay or cement, used in a disposal field.

DISTRICT - An area geographically set apart for a specific purpose, such as a congressional district or drainage district. The boundaries of one may overlap the other.

DITCH - A trench, natural or man made, especially when used for drainage or irrigation.

DIVIDED INTEREST - Different estates in the same property, such as the interest of owner, lessee, mortgagee, etc.

DIVISION FENCE - A term used in ranching to describe the fence separating pastures.

DOCUMENTARY TAX STAMPS - Stamps, similar to postage stamps affixed to a deed, showing the amount of transfer tax paid. Most states now "stamp" the deed rather than actually affixing a stamp.

DOMICILE - (1) A legal term signifying a place where a person has his permanent home. The most accurate meaning is the layman's understanding of the place where a person "lives", since this takes into consideration the intent of the person to make a particular property his "home". (2) The state or country in which a corporation is chartered (organized), such as a corporation "domiciled" in the U.S.

DONEE - One who receives a gift.

DONOR - One who gives a gift.

DOOR - A sliding or hinged structure, covering an opening to a cupboard, closet, room, building, etc. May be used as an entrance or exit. Usually constructed of wood, glass, or metal, depending on its structure.

DOOR JAMB - The members surrounding a door or door opening.

DORMER WINDOW - (1) A window which rises vertically above the roof line of a sloping roof. (2) Originally any bedroom window.

DOUBLE-HUNG WINDOW - A window which opens vertically from the top and bottom, containing two separate sashes with a locking device, usually at the center where the top of the lower sash meets the bottom of the upper sash.

DOUBLE PITCH - The most common roof for houses, coming to a crest at the center and sloping away in two directions.

DOVETAIL JOINT - A joint which interlocks in a zigzag pattern, similar to the tail of a dove.

DOWEL - A cylindrical piece of wood used to join members together by fitting the ends into corresponding holes of the members.

DOWER - A common law interest of a wife in the property of her deceased husband. Being changed in many states by statute to give more equality between men and women in property rights.

DOWN PAYMENT - Cash portion paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed.

DOWNSPOUT - A pipe leading from the gutters of a roof to the ground and into a sewer or away from the building.

DRAGNET CLAUSE - A clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.

DRAINAGE - (1) The gradual flowing of liquid off a surface. (2) Any system to remove liquid waste or rainwater by having it flow to a designated area.

DRAINAGE DITCH - Any open water channel, natural or man made, used for drainage.

DRAW - (1) Portions of a construction loan, given after certain stages of completion. (2) An advance against future income.

DRIFT FENCE - A barrier to prevent cattle from "drifting" into an area as they graze. The fence does not form an enclosure.

DRIVEWAY - (1) Commonly, a private roadway, paved or unpaved, leading from a public street to a garage or other shelter for an automobile. (2) An entrance to private land for any purpose, to be used by a motor vehicle.

DROP SIDING - A siding applied to the exterior of a frame structure by tongue and groove method.

DRUMLIN - A long narrow hill of glacial deposit sometimes trapping water and so forming a swamp at its foot.

DRY MORTGAGE- A lien which places no personal liability on the mortgagor, looking only to the property for security.

DRY-WALL CONSTRUCTION - Type of construction by which the interior wall is attached in a dry condition. Generally as sheet materials, as contrasted to wet plaster application.

DUAL AGENCY - The representation of opposing principals (buyer and seller) at the same time. In brokerage many states get around this by saying that the agent aids the buyer but is the agent of the seller only. A problem arises if both buyer and seller pay the broker. Then full disclosure must be made. An escrow agent is the agent of buyer and seller and usually paid by both. This is why an escrow agent must be neutral.

DUCTS - Any conduit holding gas, water, electrical wiring, etc., as a means of carrying said gas, water, or electricity from one place to another.

DUPLEX - Any building containing exactly two dwelling units. Most commonly refers to the units which are side by side, with a common wall and roof.

DURESS - Forcing one to do that which he would not voluntarily do.

DUTCH DOOR - A door divided horizontally into halfs, each opening and closing independent of the other, or latched together to act as one door.