Business / Real Estate Glossary

Deed: A written instrument, when executed and delivered, conveys title to or an interest in real estate.

Deed Executed Pursuant To Court Order: Executors and administrator deeds, masters deeds, sheriffs deeds and many other types are all deeds executed pursuant to a court order. These deeds are established by state.

Deed In Lieu Of Foreclosure: Voluntarily signing over to a lender the property pledged as collateral on a defaulted loan. It is an alternative to a foreclosure action. Its main disadvantage to a lender is that the deed . . . View Full Definition

Deed In Trust: An instrument that grants a trustee under a land trust full power to sell, mortgage and subdivide a parcel of real estate. The beneficiary controls the trustees use of these powers under the . . . View Full Definition

Deed Of Reconveyance: A document used to transfer legal title from the trustee back to the borrower (trustor) after a debt secured by a deed of trust has been paid to the lender (beneficiary).

Deed Of Trust And Assignment Of Rents: The first page of a lending instrument, identifies the parties to the agreement, conveys title to the trustee, describes the collateral, states the terms and conditions of the note, and refe . . . View Full Definition

Deed Restrictions: Provisions placed in deeds to control future uses of the property.

Default: The nonperformance of a duty or obligation that is part of a contract. The most common occurrence of default on the part of a buyer or lessee is nonpayment of money when due. A default is no . . . View Full Definition

Defeasance Clause: A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.

Defeasible Fee Estate: An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estates: fee s . . . View Full Definition

Defect: A condition that materially affects the value or use of residential property in an adverse manner.

Defect Of Record: Any encumbrance on a title that is made a part of the public record. Recorded defects include judgments, deeds of trust, mortgages, other liens and easements.

Deferred Capital Gain: The part of the realized gain that is tax deferred.

Deferred Maintenance: Physical deterioration of a building resulting from postponed maintenance.

Deficiency Judgment: A personal judgment levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.

Delayed Exchange: A three way exchange in which the properties close at different times.

Delinquent: The status of a financial obligation, such as a mortgage loan, when it is past-due.

Demand: The amount of goods people are willing and able to buy at a given price, often coupled with supply.

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