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| Dealer | An IRS designation for a person who regularly buys and sells real property. |
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| Debt Coverage Ratio | The debt coverage ratio (DCR) is the ratio of net operating income (NOI) to annaul debt service (ADS). When making a loan, the lender wants assurance that the property has the necessary cash flow (NOI) to make the loan payments. |
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| Debt Service | The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized. |
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| Declaration of Restrictions | A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land. |
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| Dedicate | To appropriate private property to public ownership for a public use. |
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| Dedication | The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes. |
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| Deed | A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property. |
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| Deed In Lieu Of Foreclosure | A deed given by an owner/borrower to a lender to satisfy a mortgage debt and avoid foreclosure. See also "Foreclosure". |
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| Deed of Trust | An instrument used in many states in place of a mortgage by which real property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), to secure repayment of a debt. |
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| Deed Restriction | An imposed restriction in a deed that limits the use of the property. For example, a restriction could prohibit the sale of alcoholic beverages. |
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| Default | Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money. |
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| Deferred Commissions | Commissions which are earned but not yet fully paid. |
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| Deferred Exchange | This term is now used in place of "Non-Simultaneous Exchange" or "Starker Exchange". This is the type of an exchange where the Exchanger utilizes the exchange period described above. See "1031 Deferred Exchange". |
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| Deficiency Judgment | A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt. |
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| Delivery | Transfer something from one entity to another. |
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| Demising Walls | The partition wall that separates one tenant’s space from another or from the building’s common area such as a public corridor. |
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| Density | A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area. |
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| Deposit | Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract. |
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| Depreciation | Spreading out the cost of a capital asset over its estimated useful life or a decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. |
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| Depth table | Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates. |
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| Descent | The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate. |
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| Description | The portion of a conveyance document which defines the property being transferred. |
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| Design/Build | A system in which a single entity is responsible for both the design and construction. The term can apply to an entire facility or to individual components of the construction to be performed by a subcontractor; also referred to as “design/construct”. |
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| Developer | One who attempts to put land to its most profitable use by the construction of improvements. |
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| Devise | A transfer of real property under a will. |
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| Direct Deeding | Vested owner deeds directly to the ultimate owner. Does not eliminate the duties of the Qualified Intermediary to acquire and transfer the relinquished property and acquire and transfer the Replacement Property. |
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| Disclaimer | A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein." |
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| Discount Points | An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans. |
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| Discrimination | The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally. |
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| Distraint | The act of seizing (legally or illegally) personal property based on the right and interest which a landlord has in the property of a tenant in default. |
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| Dollar Stop | An agreed dollar amount of taxes and operating expense (expressed for the building as a whole or on a square foot basis) over which the tenant will pay its prorated share of increases. May be applied to specific expenses (e.g., property taxes or insurance). |
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| Domicile | The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent. |
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| Double Escrow | An escrow set up to handle the concurrent sale of one property and purchase of another property by same party. |
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| Dower | The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage. |
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| Dual Agent | Refers to a Licensed Real Estate Agent who claims to be representing the best interests of both the Tenant and Landlord, or both the Buyer and Seller. |
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| Due on Sale Clause | A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option. |
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| Duplex | A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling. |
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| Duress | Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void. |
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