Glossary of Real Estate Terms
The language of real estate is like that of other industries. Some words and phrases may seem foreign, others are ones that you hear every day. Following is a glossary that hopefully will allow you to better understand the real estate transactions with which you are involved.
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- Dedication
The setting aside of certain land by the owner and declaring it to be for public use. Examples: streets, sidewalks and parks.
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- Deed
A document through which a conveyance of property is effected.
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- Deed Restriction
A covenant contained in a deed imposing limits on the use or occupancy of the real estate or the type, size, purpose or location of improvements to be constructed on it.
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- Defect
A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
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- Depreciation
Loss in value occasioned by ordinary wear and tear, destructive action of the elements, or functional or economic obsolescence.
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- Devise
A gift of real estate made by a will.
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- Dominant Estate
The property for the benefit of which a right-of-way easement exists across another’s adjoining piece of land is said to be the dominant estate. The land across which the easement runs is said to be the servient estate.
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- Dower
A right that a wife has in her husband’s property at the time of his death. Does not exist in all states.