Oct 14 2009
Real Estate Terminology (D)
DATE OF APPRAISAL:
The precise day, month and year upon which an assessment of the value of a property has been given.
DATE OF INSTRUMENT:
The specific day, month and year a legal document was signed or prepared.
DATE OF REGISTRATION:
The specific day, month and year upon which an instrument was registered on title to the property.
DECLARATION OF TRUST:
A signed statement by a trustee acknowledging that she holds legal title to property on behalf of someone else (the beneficiary of the trust).
DEED:
The instrument by which title to property is conveyed from one person to another. In USA, also known as a transfer.
DEED OF TRUST:
An instrument of conveyance of title to property wherein a (trustee) will be holding the title to the property on behalf of the lender until the loan is satisfied.
DEFAULT:
Failure. In mortgages, the failure to make payments in full, on time or at all or to live up to any other obligations placed on the borrower by the loan agreement.
DEFAULT JUDGMENT:
A decision rendered by a Court when the defendant has failed to respond to the claim.
DEFECTIVE TITLE:
Ownership of property which is subject to some competing claim.
DEFERRED MAINTENANCE:
A nice way to say that the property has not been kept up and is depreciating both physically and in value.
DELINQUENCY:
The condition of being late on a payment but not yet in default.
DEPOSIT OF TITLE DEEDS:
When a lender requires ownership documents to be left with it as further security for a loan.
DESCRIPTION:
Also known as ‘Legal Description’. The manner in which a piece of land is identified. May involve metes and bounds measurements using astronomic bearings or may simply set out Lot and Plan numbers in a specific municipality. Most jurisdictions require description of land to be included in all instruments to be registered on title to that property.
DIRECT COSTS:
Those expenses in the improvement of property which can be directly attributed to the improvement itself (i.e. labor, material, taxes, etc.). Also known as ‘hard costs’.
DIRECTION:
1. A document containing written instructions to a person to do a certain thing in a certain way.
2. A point on a compass, used in legal descriptions.
DIRECTION REGARDING FUNDS:
A direction made by a party who is entitled to money to the party who is obligated to pay the money which sets out how the receiving party wishes the money paid.
DIRECTION REGARDING TITLE:
Also known as ‘Title Direction’. A direction made by the Purchaser to the Vendor of property setting out how the Purchaser wishes to take title. May include the full legal name, the birth date (if necessary), the address for service of the Purchaser and, if there are more than one Purchaser, the capacity in which they wish to share title ( i.e. as Joint Tenants or Tenants in Common).
DISCLOSURE STATEMENT:
A document issued by a lender to a borrower in which the lender sets out the terms and conditions of the loan. Often required under legislation.
DISCLOSURE:
Sometimes known as ‘Vendor’s Disclosure’, a legal requirement in some jurisdictions in which the Vendor of a property must provide a written statement to an prospective purchaser setting out defects in the property known the Vendor.
DISTRESS:
The right of a party to sell the real or personal property of another party to pay for arrears in rent or loan payments.
DISTRESSED PROPERTY:
A property which is to be sold as a result of payment arrears on a mortgage.
DUE DATE:
The date established in the loan agreement upon which all moneys then outstanding on the loan become due and payable in full.
DUE ON SALE CLAUSE:
A clause in a mortgage which requires that the mortgage be paid out in full upon the sale of the property against which it is secured. A mortgage with this clause may not be assumed by a purchaser.
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