Your Online Legal Resource Center for Property Management

DAMAGES - The monetary value attached to an injury resulting from the loss of property through condemnation or otherwise.

DAMP COURSE - A moisture barrier of tile metal or dense limestone, etc., used to prevent upward or downward seepage.

DAMPER - A movable plate in a fireplace that allows smoke and fumes to travel up the chimney's flue.

DAMPING MATERIAL - A sound absorbing material used to reduce noise radiation.

DATA PLANT - A lender's appraiser's or title insurance company's stock of information on real estate.

DATE OF AGREEMENT - If not stated on the face of the agreement, the date singed, recorded or established by award.

DATE OF COMPLETION - The date an owner may occupy the premises after certification by an architect that the terms of the contracts have been substantially completed.

DATUM LINE - A line established by building codes from which heights and depths are measured.

DAY - A section in a leaded or stained glass window.

DAYLIGHT GLASS - Blue glass that absorbs radiation through the red spectrum to give a daylight effect.

DAYS ON THE MARKET - The period of time a property is listed for sale until it is sold or taken off the market.

DBA (DOING BUSINESS AS) - Refers to the name under which a business operates.

DEAD BOLT LOCK - Locks that require a key to open from the outside and a turn button from the inside.

DEAD-END STREET - A street the at ends and does not lead to another street.

DEAD LOAD - The fixed weight of a structure and its attached equipment and fixtures.

DEAD RENT - The base rent of a commercial space charged in conjunction with a percentage lease.

DEAD WALL - An empty wall

DEALER - An Internal Revenue Service designation for someone who buys and sells real estate as a business as opposed to an investor, the profit from which is taxes as ordinary income rather than capital gains.

DEBENTURES - A loan obligation issued without security at a fixed rate of interest to be repaid after a term of years or upon termination of the company.

DEBIT - A sum of money owed to another party; an accounting term. Debt Any amount one person owes to another.

DEBTOR'S POSITION - The amount of an owner's interest in property over and above the amount of liens outstanding.

DEBT SERVICE - On real property, the amount owed for mortgages or trust deeds.

DECENTRALIZATION - Movement of businesses and people to the suburbs from a central business area. Deck A roofless, floored area that adjoins a house.

DECLARATION OF RESTRICTIONS - A document filed by a developer to regulate a subdivision.

DECLARATION OF TRUST - A document in which one party promises to hold legal title for use of another.

DECLINING BALANCE - See Depreciation.

DEDICATION - The donation of private property to the public for use as streets, parks, etc. Deed The legal document that transfers ownership of a piece of property.

DEED MONEY ESCROW - A third party escrow with whom money is deposited until the seller delivers a deed to property. Deed of trust A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.

DEED, QUITCLAIM - A deed without warrants; passes a grantor's interest only.

DEED, WARRANTY - A deed in which a grantor insures a grantee that title is free to pass.

DEED RESTRICTIONS - A deed in which binds all future owners of a property to abide by its restrictions for use of the property.

DEEP-SEAL FLOOR DRAIN - A drain used to dispose of water from the basement floor to a sewer line.

DEFAULT - The failure to fulfill a duty or promise or discharge an obligation, such as making monthly mortgage payments.

DEFAULT JUDGMENT - A judgment arrived at when someone fails to appear in court as required.

DEFEASANCE - A deed containing conditions which, if met, will cancel the conveyance.

DEFECTIVE TITLE - Title which has been transferred under false pretenses or does not contain all the necessary elements to make a contract binding.

DEFECT OF RECORD - A publicly recorded encumbrance such as an easement, mortgage, judgment, deed of trust or other lien.

DEFERRED COMMISSION - An earned commission on which payment is delayed.

DEFERRED MAINTENANCE - Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value. The existing need for repairs on property.

DEFERRED PAYMENTS - Future installments on debt.

DEFICIENCY JUDGMENT - The difference between the amount received on a foreclosure sale and the borrower's liability, if the sale does not entirely cure the debt. Judgment is made for the total amount from which the amount received is subtracted.

DEFLATION - As opposed to inflation, money becomes more valuable.

DEGREE - A one point measure in a circle of 360 degrees; 60 minutes 1 degree.

DEHUMIDIFIER - A machine that removes moisture from the air.

DELINQUENT MORTGAGE - A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.

DELIVERY - The actual transfer of the right of possession which takes place upon recording of the deed, or delivering it to a buyer or his representative.

DEMAND - The need for material goods as established by the number of people wishing to purchase; the written statement of a lender indicating the amount owing on a mortgage or trust deed.

DEMAND NOTE - A promissory note which becomes due upon request by the lender, rather than at a specified time.

DEMISE - The assignment of one's interest in an estate (real property) for a period of years, for life or at will.

DEMOGRAPHY - The study of population figures which is used to determine a market for a particular product or store.

DEN - A small room used for work or leisure.

DENSITY - The amount of people in a particular area.

DENSITY TEST - An analysis of soil to determine if the surface can support the foundation of a house.

DENTILS - Small rectangular blocks that project from a building, usually under cornices or along roof lines.

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) - The federal department responsible for public housing , urban renewal, model cities, rehabilitation under which jurisdiction the Federal Housing Administration, the Government National Mortgage Association and the Office of Interstate Land Sales Registration is under.

DEPARTMENT OF REAL ESTATE - The state government department that regulates and licenses persons involved in the business of real estate.

DEPLETION - The loss of value to an asset caused by waste or exhaustion. Deposit Money given by the buyer with an offer to purchase property. Also called earnest money.

DEPRECIATION - The decline in value of a piece of property.

DEPRECIATION RATE - The rate at which a property (excluding land) is declining in value

DEPRESSION - A period in a business cycle when the supply of a product exceeds the demand bringing about lower productivity and prices and higher unemployment.

DEPTH CURVE - A graph used in appraisal which shows the decreasing value of a lot from front footage to rear footage.

DESCENT - As Determined by law, the person or persons in a line of secession who become owners of property after someone's death.

DESIGN/BUILD - A project in which the owner contracts directly with an individual or company to perform design and construction.

DESIGNER - Unlike architects, designers are limited to drawing blueprints.

DESIST AND REFRAIN - A command by someone of public authority stating that a particular act must be stopped and refrained from in the future.

DETACHED DWELLING - A building or housing unit that is separated by open space; single family detached housing as compared to attached condominium units.

DETERIORATION - The slow aging of a structure through wear and tear caused by exposure to weather and constant use.

DEVELOPED AREA - Land on which structures have been built.

DEVELOPER - Usually an owner of land who creates a subdivision from raw land by providing for public utilities, streets, etc., after which lots are sold to builders.

DEVELOPMENT - An area of land on which homes or other building may be built after installation of streets, sewers and other utilities.

DEVILING - Making plaster rough Devise - Real property passed down through a will.

DIAGONAL - A timber placed at an opposing angle to another.

DIFFUSED LIGHT - Light emitted indirectly and not from one dominating source.

DIFFUSER - Any apparatus spreads light or sound.

DIGITAL IMAGES - Images that are incorporated into house listings to give potential buyers greater a view of the property.

DILUVIUM - Deposits of earth resulting

DIMENSION PLANS - Plans which show the layout of a house but are less detailed than full blueprints,

DIMENSION SHINGLES - Shingles all of one size

DIMMER - A device that controls levels of light by varying the electric current.

DIRECT ACTING THERMOSTAT - A thermostat which shuts off or turns on when a particular temperature is reached.

DIRECTIONAL GROWTH - The pattern of growth that a community appears to be following; considered by lenders making mortgages based on the future value of real property.

DIRECT REDUCTION MORTGAGE - Mortgages on which fixed amounts are paid on the principal while the amount paid on interest varies according to the balance owed; unequal installment mortgages.

DISABILITY INSURANCE - An insurance policy which covers an individual's ability to produce income.

DISBURSEMENT - The distribution of money upon the closing of a sale or during the course of an escrow.

DISCLOSURE - A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

DISCOUNT - Reducing the face value of negotiable paper or instrument in order to sell it; prepaid interest by the seller which allows the lender a profit margin on resale.

DISCOUNT POINTS - Fees that a borrower pays at the time the lender makes the loan. A point equals one percent of the total loan amount.

DISCRIMINATION - Making a decision which shows favor based on a person's affiliation which a group or class of people.

DISINTERMEDIATION - The private investment by individual of their own money in government bonds or corporate securities which created a scarcity of mortgage money. Savings and loan associations and banks depend on the deposits of private investors for money to loan on mortgages.

DISPOSAL FIELD - The series of clay tiles and gravel through which sanitary wastes from a septic tank drain and filter out.

DISSOLUTION - The act of canceling or annulling a contract or business arrangement. Distressed property Property that is in poor physical or financial condition.

DISTRESS SALE - The forced sale of property because of financial problems, foreclosure or to settle an estate.

DIVIDED INTEREST - The separate interests of an owner, mortgagee or lessee in the same property.

DIVIDER - A decorative room partitioning device in the form of wood dowels or bookshelves, etc., that sets apart or divides a particular area of a room, such as the entryway from the living room. Document needs list A list of documents a lender requires when a potential submits a loan application. The required documents range from paycheck stubs to credit card statements.

DOCUMENTARY TAX STAMPS - A revenue stamp which represents the amount of fee paid for transferring title from one owner to the next, charged by the state; not a recording fee.

DOCUMENTARY TRANSFER TAX - A tax charged by the state or county for transfer of title based on the sale price of property.

DOMED CEILING - A hemispherical ceiling that projects upward without support.

DOMICILE - A person's primary or permanent home.

DOMINANT ESTATE - (Tenement) The property which receives the benefit of an easement; dominates the property giving the easement (servient tenement).

DORMER - A window set upright in a sloping roof.

DOUBLE DECLINING BALANCE - An accelerated method of depreciation which uses 125%, 150%, or 200% of the straight line rate in the early years of a property life.

DOUBLE ESCROW - Used when one person is both buying and selling the same property within a few day's time or concurrently and uses the money from the sale to make the purchase; not legal in some states.

DOUBLE-HUNG WINDOW - A window that consists of two sashes that slide up and down.

DOVETAIL JOINTS - Joints that lock two pieces of wood together with meshed teeth.

DOWN PAYMENT - The amount of money a buyer agrees to give the seller when a sales agreement's signed. Complete financing is later secured with a lender.

DOWN SPOUTS - A vertical gutter that empties water from the roof to the ground.

DOWNZONING - Zoning which decreases the number of units per acre that may be built, such as occurs when multifamily is rezoned to single family residential.

DRAGNET CLAUSE - Establishes real property as collateral for an existing debt in a mortgage or deed of trust.

DRAINAGE - A system of gutters and drainpipes that carry water away from the foundation of a house.

DRAW - A payment made to subcontractors or suppliers from a construction loan.

DROPPED CEILING - A flat ceiling built lower than the original ceiling.

DRY MORTGAGE - A mortgage which becomes a lien against the property only and not a liability of the borrower.

DRY ROT - A fungous decay that causes wood to become brittle and crumble

DRYWALL - A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs.

DUAL AGENCY - A relationship in which a real estate agent or broker represents both parties in a transaction

DUCT - Any kind of pipe or channel that carries water, wiring or conditioned air through a house.

DUE-ON-SALE CLAUSE - Standard language in a mortgage which states that the loan must be paid when a house is sold.

DUPLEX - A structure that consists of two separate family units.

DURESS - Pressure applied to another party in order to force them to perform an act, such as signing a contract. Illegal; makes the contract void.

DUTCH COLONIAL STYLE - A design that features barn-like gambrel roof, a ground-level front porch, and dormers.

DWELLING UNIT - A shelter occupied by one family unit; usually refers to apartment houses.