| Damages - The indemnity recoverable by a person who has sustained an injury, either to her/his person, her/his property, or her/his rights, through the act or default of another. |
| Debit - A charge against either the seller or purchaser on a closing statement. A debit indicates an amount that a party is responsible for at closing. |
| Debt Service - Periodic payments of principal and accrued interest made toward the liquidation (amortization) of a debt. |
| Debtor - The party who owes a debt. |
| Decedent - A deceased person. |
| Decree - A judgment of a court of equity. |
| Dedication - A form of transfer, either formal or informal, whereby an individual grants title to an interest in land for some public use and such grant is accepted by or on behalf of the public in some recognized legal manner. |
| Deed - A writing, signed and sealed, under which an interest in real property is transferred from a grantor to a grantee upon delivery of the writing to the grantee. |
| Deed in lieu of Foreclosure - A deed given by a mortgagor, who is in default under the terms of the mortgage, to the mortgagee in order to avoid foreclosure of the property. The courts frown on this type of deed because of the potential for undue influence by the mortgagee on the mortgagor in default. |
| Deed of Gift - The transfer of real property by a deed not supported by any consideration. A deed of gift is perfectly valid, but it must be recorded within two years or it will become void under North Carolina law. |
| Deed of Trust - A document in the nature of a mortgage that is widely used in North Carolina. Under a deed of trust, the borrower conveys the land to a third-party trustee to hold for the mortgage lender to secure a debt, subject to the condition that the conveyance shall be void and terminated on payment of the debt at maturity. Most deeds of trust contain a power of sale giving the trustee the power to sell the land in case of default and to apply the proceeds from the sale toward payment of the debt. Also called a Trust Deed. See also Mortgage. |
| Default - Failure to comply with an agreement to meet an obligation when due. |
| Defendant - The party sued or called to answer in any suit, action, or proceeding. |
| Deferred Payments - Money payments to be made at some future date. |
| Deficiency Judgment - A judgment for the balance owing on a debt after the security given has been resorted to and applied toward payment of the indebtedness. |
| Demise - The conveyance of an estate; usually a lease. |
| Depreciation - (a) In appraisal, a decrease in property value brought about by ordinary wear and tear (physical deterioration), functional or economic obsolescence, or any other cause; (b) For income tax purposes, a deduction from the income of eligible income-producing properties allowed for a presumed loss in value of property over its useful life. |
| Descent - The transfer of property ownership to the heirs of a deceased person by operation of law where the property owner dies intestate (without a will). |
| Devise - A gift of real estate by the last will and testament of a decedent. |
| Discharge of a Contract - Performance under a valid and binding contract may be legally discharged by a number of events, including: full and complete performance, a substantial breach by one of the parties, impossibility of performance, and by operation of law. |
| Discount - With regard to the origination of loans, the amount withheld from the loan proceeds by the lender. With regard to the sale of mortgage loans in the secondary mortgage market, the amount by which the sale price of the note is less than the note's face value. In either case, the discount has the effect of increasing the "yield" on the loan. |
| Discount Points - A fee charged by a lender (usually paid by the borrower) to increase the yield on mortgage loans with below-market interest rates. The fee is stated in terms of "points." See also Points. |
| Discrimination in Housing - Segregating, separating, excluding, or treating unequally any person because of race, color, religion, national origin, ancestry, or sex in the furnishing of housing or facilities or services related to obtaining or occupying housing. Largely prohibited by federal and state law. |
| Dispossess - To oust or deprive a person of possession and use of real property. |
| Documentary Stamp - A revenue stamp for payment of a tax on documents. See Excise Tax on Real Property Transfers. |
| Domicile - The place where a person has their true, fixed, and permanent home and principal establishment, and to which, whenever she/he is absent, she/he has the intention of returning. |
| Dominant Estate - A parcel of land that is benefited by an easement on another parcel of land (the servient estate). |
| Dower - A life estate that existed at the common law whereby a widow was entitled to one-third of the lands that her deceased husband was seized of during their marriage. Under the current statute, N.C. Gen. Stat. §29-30, a widow is still entitled to a life estate in one-third in value of the real property owned by the husband during their marriage. |
| Dual Agent - An agent who represents both parties in a transaction. Both parties must be informed of and consent to the dual agency. |
| Due-on-Sale Clause - A provision in a mortgage or deed of trust or promissory note stating that the entire balance of the mortgage loan will become due if the borrower transfers the mortgage property without the prior consent of the lender. Also called Alienation Clause. |
| Duplex - A single structure designed for two-family occupancy. |
| Duress - The unlawful constraint or threatening of a person, whereby she/he is forced to perform some act, or to sign an instrument against her/his will. |
