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...

In real estate, Devise refers to the transfer of real property through a valid will upon the death of the property owner. When a person dies testate (with a will), the real estate specified in the will is devised to the named beneficiary, known as the devisee,...

In real estate, a Determinable Fee (often called a fee simple determinable) is a type of defeasible estate in which ownership automatically ends if a specified condition or event occurs. The estate is typically created using conditional language such as “so long as,”...

In real estate, Depreciation refers to the loss in value of a property over time due to factors such as physical wear and tear, aging, functional obsolescence (outdated design or features), or economic obsolescence caused by external influences like neighborhood...

In real estate, Depreciable Life is a tax term that refers to the period of time over which a property or asset is allowed to be depreciated for income tax purposes. It represents the number of years the IRS assigns to an asset to recover its cost through annual...

In real estate, Delivery refers to the legal act by which a deed is transferred from the grantor to the grantee with the intent to convey ownership of the property. Delivery does not require physical possession of the property itself; rather, it focuses on the...

In real estate, a Deficiency Judgment is a court-ordered judgment against a borrower when the proceeds from the sale of a foreclosed property are not sufficient to fully satisfy the outstanding loan balance. After the property is sold (typically at a foreclosure sale)...