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Real Estate Dictionary


   

D

Damages - A sum of money paid in compensation for loss or injury.

Debt - An amount owed to another.

Debtor - One who owes for someone else.

Deck - Any flat surface on a roof or porch that is not enclosed.

Deed - The legal document conveying title to a property. Actually, any of the conveyance or financing instruments, but generally a conveyance instrument, given to pass fee title to property upon sale.

Deflation - A contraction of economic activity resulting in a decline of prices.

Demand Shock - An event that affects the demand for goods and services in the economy.

Deposit - Money given by the buyer with an offer to purchase. Show good faith.

Department of Real Estate - That department of the state government responsible for the licensing and regulation of persons engaged in the real estate business. It is known in Israel as the Realtor's Registrar.

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. See also Amortization.

Detached - Single home, which is separated from other houses.

Development - A planned construction project - includes land and buildings. Preparation of a building plot for the construction of a house on it. For instance, to build a development wall, to dig until the zero point of the plot, level the plot surface.

Development Contract - A contract which designates a land for building purpose following the terms and conditions set by the "Minhal". If all conditions were fulfilled as written in the contract, the lessee can sign a leasing contract with the "Minhal".

Devise - Real estate left by will.

Devisor - A testator who leaves real estate.

Discount - A counting off or deduction made from a gross sum on any account whatever; an allowance upon an account, debt, demand, price asked, and the like; something taken or deducted. A deduction made for interest, in advancing money upon, or purchasing, a bill or note not due; payment in advance of interest upon money.

Discount Money - Calculation of all future payments to the "Minhal" until the end of the currnet leasing period on a one time payment in advance. In Israel called "Dmei Hivun".

Dividend - Payment by a company to its stockholders.

Down Payment - Cash portion paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed. The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Driveway - Commonly a private road paved or unpaved leading from a public street or road to a private property. The entrance to a private land for any purpose.

Dual Agency - The representation of opposing principals (buyer and seller) at the same time. Some states have declared that the real estate agent aids the buyer but is the agent of the seller. In real estate it means that both the buyer and seller are represented by the same real estate brokerage company. A problem arises when both buyer and seller pay the broker. Full disclosure must be made. An escrow agent is the agent of the buyer and the seller and is usually paid by both. This is why an escrow agent must be neutral.

"Dunam" - In Hebrew means 1,000 square meters.

Duplex - A house with two units sharing a common wall. See also semi detached. In Israel can be also a two story house in a building.

Dwelling House - A house intended to be occupied as a residence, in distinction from a store, office, or other building.

 
 
 
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