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DEBT:
Money owing from one person to another.
DEBTOR:
One who owes a debt.
DECREE
OF DISTRIBUTION:
A probate court decree which determines how the estate of
a decedent shall be distributed.
DEED:
Written document by which an estate or interest in real
property is transferred from one person to another. The
person who transfers the interest is called the "grantor."
The one who acquires the interest is called the "grantee."
Examples of deeds are grant deeds, administrator's deeds,
executor's deeds, quitclaim deeds, etc. The deed to use
depends on the language of the deed, the legal capacity
of the grantor and other circumstances.
DEED
OF TRUST OR TRUST DEED:
A written document by which the title to land is conveyed
as security for the repayment of a loan or other obligation.
It is a form of mortgage. The landowner or debtor is called
the "trustor." The party to whom the legal title
is conveyed (and who may be called on to conduct a sale
thereof if the loan is not paid) is the "trustee."
The lender is the "beneficiary." When the loan
is paid off, the trustee is asked by the beneficiary to
issue a "recon" or reconveyance. This reconveyance
corresponds to the release that the holder of a mortgage
executes when the mortgage is paid off.
DEED
RESTRICTIONS:
Limitations in the deed to a property that dictate certain
uses that may or not be made of the property.
DEFECT:
A blemish, imperfection or deficiency. A defective title
is one that is irregular and faulty.
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.
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.
DESCRIPTION:
The exact location of a piece of real property stated in
terms of lot, block, tract, part lot, metes and bounds,
recorded instruments, or U.S. Government survey (sectionalized).
This is also referred to as legal description of property.
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