DAMAGES Compensation or indemnity recovered
through the courts by any person who has suffered loss, detriment or injury to
person, property or rights. A sum of money awarded to a person injured by an
act of another. May be compensatory or punitive.
Periodic payment on a debt, for
interest on and retirement of the principal.
OF TAKING Part of a condemnation
package; a document stating the need for the property, describing the property,
and stating that the property is being taken by eminent domain.
DEDICATION The application of privately-owned land to
the public for no consideration, with the intent that the land will be accepted
and used for public purposes. A landowner may dedicate the entire fee simple
interest, or an easement such as a public right-of-way.
DEED A legal instrument in writing, duly
executed, sealed, and delivered, whereby the owner of real property (grantor)
conveys to another (grantee) some right, title, or interest in real estate.
RESTRICTION A provision in a deed
controlling or limiting the use of the land.
DEFAULT Failure to perform a specific,
required legal duty.
MAINTENANCE Existing but
unfulfilled requirements for repairs and rehabilitation, deferred until a later
JUDGMENT At a foreclosure
sale, the difference between the indebtedness sued upon and the sale price or
market value of the real estate. See also DEFICIENCY PAYMENT.
PAYMENT Additional compensation required
in a final judgment in condemnation proceedings. See also DEFICIENCY JUDGMENT.
DEPRECIATION A lowering of value. A reduction; lessening.
The decline in value of property. Loss in market value. Deterioration over a
period of time. The opposite of appreciation.
DESCENT Succession to ownership of an
estate by inheritance. Title by which one person, upon death of another,
acquires real estate of the latter as an heir at law. The person who inherits
is controlled by state statutes.
DETERIORATION Impairment of condition. One of
the causes of depreciation and reflecting the loss in value brought about by
wear and tear, disintegration, use in service, and the action of the elements.
DEVISE A transfer of real property under a will. The
donor is the devisor and the recipient is the devisee. Where there is no will,
the real property "descends" to the heirs.
DISCOUNT (1) That which can be taken off the
established amount. Mortgages, for example, are frequently discounted when paid
in advance of maturity. (2) A sum paid to obtain certain preferred mortgages,
as the payment of points to a lending institution for FHA.
DISPOSAL An authorized method of permanently
divesting the Government of control and responsibility for real and personal
property. Sale of Government-owned property.
DISPOSSESS To deprive a person of possession and/or
use of real property.
DOWER A common law estate in land given
to the wife in her husband's real property upon his death, consisting of a life
estate in one-third of all the real estate owned by the husband during the
DURESS Forcing action or inaction
against a person's will.