There are 96 names in this directory beginning with the letter D.
Damages awarded to a plain_tiff based on losses actually incurred as a result of the defendant's acts.
Damages awarded to a plaintiff as compensation for injuries (per_sonal injuries, property damage, or financial losses) caused by the defendant's act or failure to act.
A sum that the parties to a contract agree in advance (at the time the contract is made) will serve as full compensa_tion in the event of a breach.
In a civil lawsuit, an award added to compensatory damages, to punish the defendant for outrageous or malicious conduct and discourage others from similar conduct.
An artificial horizontal plane of eleva_tion, established in reference to sea level, used by surveyors as a reference point in determin_ing elevation.
One who buys and sells for one's own account, merchandise is inventory and gain on sale is treated as ordinary income.
Property held for sale to cus_tomers rather than for long-term investment; a developer's inventory of subdivision lots, for example.
Debt Coverage Ratio (DCR)
A ratio used in underwriting loans for income producing property which is created by dividing net operating income by total debt service. Ratios of at least 1.10 are generally required with ratios of 1.20 and higher considered the norm. (See definition of "underwriting" below.).
Debt Ratio (DR, D:I)
Also known as debt to income. The ratio of the total of minimum monthly debt payments to gross monthly income. If minimum monthly payments on a credit card, auto lease, and mortgage (PITI) were $30, $220 and $750 respectively and the gross monthly income was $3000, the debt ratio would be 33.33% ($1000 / $3000). Only debt obligations that will be in place after the loan has funded are considered. Payments for food, utilities, entertainment, medical bills, etc. are not included in the calculation
The amount of money required to make the periodic payments of principal and interest on an amortized debt, such as a mort_gage.
A voluntary or involuntary gift of private property for public use; may transfer ownership or simply create an easement.
Dedication, Common Law
Involuntary dedi_cation, resulting from a property owner's ac_quiescence to public use of his or her property over a long period. Also called implied dedica_tion.
A dedication required by law; for example, dedication of property for streets and sidewalks as a prerequisite to sub_division approval.
An amount a taxpayer is allowed to subtract from his or her income before the tax on the income is calculated (as distinguished from a tax credit, which is deducted from the tax owed).
Deed Executed under Court Order
A deed that is the result of a court action, such as judi_cial foreclosure or partition.
Deed in Lieu of Foreclosure
A deed given by a mortgage borrower to the lender to satisfy the debt and avoid foreclosure.
Deed of Reconveyance
The instrument used to release the security property from the lien created by a deed of trust when the debt has been repaid. Not used in Minnesota.
Deed of Trust
An instrument that creates a vol_untary lien on real property to secure the re_payment of a debt, and which includes a power of sale clause permitting nonjudicial foreclo_sure; the parties are the grantor or trustor (bor_rower), the beneficiary (the lender), and the trustee (a neutral third party). Not used in Min_nesota.
Deed of Trust (DOT)
DOT's are similar to mortgages in that they serve as security for a loan by encumbering real estate. However, a mortgage is between two parties (borrower and lender) and a deed of trust involves three parties (borrower, lender and trustee). The trustee holds the property in trust as security for the payment of the debt and can sell the property if the borrower defaults.
Provisions in a deed that restrict use of the property, and which may be either covenants or conditions.
A deed used by the ad_ministrator of an estate to convey property owned by a deceased person to the heirs.
A deed used to correct mi_nor mistakes in an earlier deed, such as the mis_spelling of a name or an error in the legal description of the property.
Deed, General Warranty
A deed in which the grantor warrants the title against defects that might have arisen before or during his or her period of ownership.
A deed that is not supported by valu_able consideration; often lists "love and affec_tion" as the consideration.
A deed that uses the word "grant" in its words of conveyance and carries certain implied warranties. Not used in Minnesota.
Deed, Limited Warranty
A deed in which the grantor warrants title only against defects that may have arisen during his or her period of ownership. Also called a special warranty deed.
A deed that conveys any in_terest in a property that the grantor has at the time the deed is executed, without warranties.
A deed transferring title to the highest bidder at a mortgage foreclosure sale when the statutory redemption period has ex_pired.
A deed given to a purchaser of property at a trustee's sale, in the nonjudicial foreclosure of a deed of trust. Not used in Minnesota.
A deed that won't be discovered in a standard title search, because of a break in the chain of title.
Failure to meet all of the commitments and obligations specified in the mortgage or deed of trust. Defaults usually give the lender the right to accelerate payments and start foreclosure.
Clause in mortgage that gives the borrower the right to redeem the property after default by paying the full indebtedness and fees incurred.
A clause in a mortgage or lease that cancels or defeats a certain right upon the occurrence of a particular event.
A court order stating that the borrower still owes money when the security for a loan does not entirely satisfy a defaulted debt.
The legal transfer of a deed from the grantor to the grantee, which results in the trans_fer of title.
Desire to own coupled with ability to afford; in appraisal, this is one of the four ele_ments of value, along with scarcity, utility, and transferability.
Department of Commerce
The division of the state government that oversees the real estate industry in Minnesota.
Money offered as an indication of com_mitment or as a protection, and which may be refunded under certain circumstances; for ex_ample, a buyer's earnest money deposit or a tenant's security deposit.
The formal, out-of-court testimony of a witness in a lawsuit, taken before trial for possible use later, during the trial; either as part of the discovery process, to determine the facts of the case, or when the witness will not be avail_able during the trial.
In the federal income tax code, property that is eligible for cost re_covery deductions because it will wear out and have to be replaced.
1. A loss in value (caused by de_ferred maintenance, functional obsolescence, or economic obsolescence). 2. For the purposes of income tax deductions, apportioning the cost of an asset over a period of time.
Under the federal income tax code, deductions from a taxpayer's income to permit the cost of an asset to be re_covered; allowed only for depreciable property that is held for the production of income or used in a trade or business. Also called cost recov_ery deductions.
When real property is sold at a gain and accelerated depreciation has been claimed, the owner may be required to pay tax at ordinary income rates to the extent of the excess accelerated depreciation.
A method of estimat_ing depreciation for appraisal purposes, based on the life expectancy of the property, assum_ing normal maintenance.
Deferred maintenance and functional obsolescence that would ordi_narily be corrected by a prudent owner, because the correction cost could be recovered in the sales price.
Deferred mainte_nance, functional obsolescence, or economic ob_solescence that is either impossible to correct, or not economically feasible to correct, because the cost could not be recovered in the sales price.
Depreciation, Straight Line
A method of cal_culating depreciation for income tax or appraisal purposes, in which an equal portion of a structure's value is deducted each year over the anticipated useful life; when the full value of the improvement has been depreciated, its eco_nomic life is exhausted.
A mathematical table used in ap_praisal to estimate the differences in value be_tween lots with different depths. Frontage has the greatest value, and land at the rear of a lot has the least value.
A home physically sepa_rated from the neighboring home(s), not con_nected by a common wall.
1. Any development project, such as a new office park. 2. A housing subdi_vision. 3. In reference to a property's life cycle, the earliest stage, also called integration.
1. (noun) A gift of real property through a will. 2. (verb) To transfer real property by will. Compare: Bequest; Bequeath; Legacy.
1. (verb) To sell a promissory note at less than its face value. 2. (noun) An amount withheld from the loan amount by the lender when the loan is originated; discount points.
One point equals one percent of the loan amount. Paying points has the effect of giving the lender a higher yield. Two points on a $100,000 mortgage would cost $2,000 ($100,000 x 0.02).
The interest rate charged when a member bank borrows money from the Fed_eral Reserve Bank.
Treating people unequally be_cause of their race, religion, sex, national ori_gin, or some other fundamental characteristic.
In a property's life cycle, the period of decline when the property's present economic usefulness is near an end and con_stant upkeep is necessary.
When depositors withdraw savings deposits from an intermediary finan_cial institution, such as a savings and loan as_sociation or commercial bank, in favor of direct investment.
To force someone out of possession of real property through legal procedures, as in an eviction.
An accounting technique in which an item is entered in the led_ger twice, once as a credit and once as a debit; used for some settlement statements.
The portion of the purchase price paid by a buyer to a seller from sources of funds outside of those provided by a lender.
The part of the purchase price of property that the buyer is paying in cash; the difference between the purchase price and the financing.
A system to draw water off land, ei_ther artificially (e.g., with pipes) or naturally (e.g., with a slope).
The act of carefully reviewing, checking and verifying all of the facts and issues before proceeding. In lending it is, among other things, verification of employment, income and savings; review of the appraisal; credit report; and status of the title.
see Acceleration Clause, reservation of lender's right to call the loan due and payable upon sale of the property.
A structure that contains two separate housing units, with separate entrances, living areas, baths, and kitchens.
Unlawful force or constraint used to compel someone to do something (such as sign a contract) against his or her will.