Glossary - D

Dedication
An appropriation of land to some public use, made by the owner and accepted for such use by or on behalf of the public, such as streets in a platted subdivision. Can also be a designation by the owner that property is deemed to be public property.

 

Deed
A written document by which the ownership of land is transferred from one person to another.

 

Deed in Lieu of Foreclosure
A deed from a debtor to a lender conveying title to real property which had been given by the debtor as collateral to secure a deed of trust for the benefit of the lender and on which obligation the debtor is in default. The deed is given in consideration of the lender’s cancellation of the debtor’s obligation in lieu of statutory or judicial foreclosure proceedings.

 

Deed of Trust
An instrument used to encumber land as security for a debt. See also “Mortgage.”

 

Deed Restriction
A provision in a deed that controls or limits the use of the land.

 

Delivery
The final and absolute transfer of a deed from seller to buyer in such a manner that it cannot be recalled by the seller. A necessary requisite to the transfer of title.

 

Devise
The disposition of real property by will.

 

Due on Sale Clause
Provision in a mortgage or deed of trust which requires loan to be paid in full if property is sold or transferred.

Site Created & Maintained by KC Web Specialists, LLC.