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Defect
Defect A condition that materially affects the value or use of residential property in an adverse manner.
RELATED TERMS--------------------------------------
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
SIMILAR TERMS--------------------------------------
Defeasance clause
A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.
Defeasible fee estate
An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event.
Defect of record
Any encumbrance on a title that is made a part of the public record. Recorded defects include judgments, deeds of trust, mortgages, other liens and easements.
Defective title
Title to real property which lacks some of the elements necessary to transfer good title.
Deferred capital gain
The part of the realized gain that is tax deferred.
Deferred interest mortgage
Offered to those people whose incomes are expected to rise dramatically in the future.
Deferred maintenance
Physical deterioration of a building resulting from postponed maintenance.
Deferred maintenance account
An account a borrower is required to fund that provides for maintenance of a property
PREVIOUS AND NEXT TERMS--------------------------------------
Deeds release fee
The fee charged to switch ownership from the mortgage lender to the borrower once the mortgage has been repaid.
Deep-seal floor drain
A drain used to dispose of water from the basement floor to a sewer line.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Defeasance clause
A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.
Defeasible fee estate
An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event.
Defect
Defect of record
Any encumbrance on a title that is made a part of the public record. Recorded defects include judgments, deeds of trust, mortgages, other liens and easements.
Defective title
Title to real property which lacks some of the elements necessary to transfer good title.
Deferred capital gain
The part of the realized gain that is tax deferred.
Deferred interest mortgage
Offered to those people whose incomes are expected to rise dramatically in the future.
Deferred maintenance
Physical deterioration of a building resulting from postponed maintenance.
This dictionary contains 6433 terms. |
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