Property Legal Terms (D)

damages

Money that courts order parties to pay as compensation for some loss they have caused to others. Also means a decline in the quality of material due to breakage, leakage, etc.

datum

Reference point against which positions are plotted or measured

datum line

Line used to measure height

debt

An amount owed to another.

debtor

A person or entity who owes money or its equivalent to a creditor; someone who is in the obligation to paying a debt

decentralization

The movement of people or transfer of power from a central position or authority to the suburbs or to subsidiary authorities

decorate

The act of adding to the beauty of a structure by making superficial changes

decree

An order of court

dedicated

The gift of private property for public use. Also means structure or equipment that is used for a single purpose only

deed

The legal document conveying title to a property

deed-in-lieu

Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

deed of trust

Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.

default

Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.

defective title

Title that is flawed

defects liability period

A specified term 9normally 12 months) following practical completion of facility when the contractor remains responsible to rectify any defective work

deferred maintenance

repairs that are required to restore a property t good condition

delay

an occurrence that impacts on the time to complete an activity

delinquency

Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.

delivery

The act of handing over physical possession of a property to a buyer

demand

1. A communication from a lender seeking payment of money owed to them. Various meanings in real estate, including level of leasing activity.
2. Level of interest in investment assets

demise

Old expression for a life-long lease

density

In town planning, a term applied to the number of units permitted per acre (or hectare), usually in relation to residential accommodation

depletion

Reduction in the value of a property

deposit

A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit"

depreciation

A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.

developer

An entrepreneur who has an interest in a property, initiates its development and ensures that this is carried out (for occupation, investment or dealing) and from the outset accepts the ultimate responsibility for providing or procuring the funds needed to finance the whole project.

director-general

the Director-General of the Land Department. Section 7 of Thailand's Land code provided that The Director-General shall have the duty to inspect, allocate, and take a census of the land to learn its natural abundance, and suitability for use in the interests of the state and of the people

disclosure

making information available, especially to the public, as in case of a quoted company producing and distributing a detailed and comprehensive report usually each year, which presents a true and fair picture of its financial position (capital and revenue) and of the activities undertaken during the period under the review. Public opinion has, over the year, called for less secrecy, more accountability and more openness in the type, breadth and depth of information which is disclosed. The underlying reason is to minimize the risk of dishonest or otherwise improper conduct of business affairs. The more open a company or country is, the more transparent it is said to be.

discount points

In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount.

district

an administrative area smaller than a state

ditch

Narrow, shallow channel

dividend yield

Absolute returns expressed as a percentage of total investment.

domicile

Legal term indicating the place or country in which one is permanently resident.

dominant estate

Land which does not have access to a public road which is given a right of way through an adjourning land.

down payment

The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

downtown

The main business hub of a city

driveway

Private road leading from a road or public place up to a house

dual agency

An agent who represents and is paid commissions or consideration by both buyer and seller.

due date

The date on which the rent is due and payable to the landlord

due-on-sale provision

A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.

dwelling unit (dwelling house)

House or apartment where one reside.