In real estate, a Down Payment is the portion of the purchase price that a buyer pays in cash from their own funds rather than borrowing through a loan. It is paid at or before closing and represents the buyer’s initial equity in the property. The amount of the down...

In real estate, a Donor is a person or entity that voluntarily transfers ownership of real property to another party as a gift, without receiving consideration in return. The donor initiates the transfer, typically by executing a deed that conveys title to the...

In real estate, a Donee is a person or entity that receives property as a gift, rather than through a sale or exchange for value. The transfer is made voluntarily by the owner, known as the donor, and typically occurs through a deed that conveys title without...

In real estate and legal contexts, Domicile refers to a person’s legal residence, the place where an individual has their permanent home and to which they intend to return, even if they are temporarily living elsewhere. A person may have multiple residences, but only...

In real estate, a Documentary Transfer Tax is a tax imposed on the transfer of real property, authorized by state law and administered by counties or local jurisdictions. When a property is sold or otherwise conveyed, the tax is calculated based on the property’s sale...

In real estate, a Distress Sale refers to the sale of property by an owner who is under significant financial or personal pressure to sell quickly. This pressure may result from circumstances such as foreclosure, default, bankruptcy, divorce, job loss, or inability to...

In real estate finance, Discount Points are fees paid by the borrower (or sometimes the seller) to the lender at closing in exchange for obtaining a mortgage at a specific interest rate. Each discount point equals one percent of the loan amount, and paying points...

In real estate finance, Discount refers to selling a promissory note before its maturity date for less than its outstanding principal balance. This typically occurs when a note holder wants to receive cash immediately rather than wait for future payments, and the...

In real estate, a Devisor is a person who transfers or disposes of real property through a valid will. The devisor is the property owner who makes the will and specifies how their real estate is to be distributed upon their death. The devisor retains full ownership...

In real estate, a Devisee is the person or entity that receives title to real property through a valid will. The devisee is named by the deceased property owner (the testator) and becomes entitled to the property upon the testator’s death, subject to the probate...