Glossary of Real Estate terms - D

Deed

In other jurisdictions, a deed is the title to your property. In British Columbia the title is properly called a "Certificate of Indefeasible Title" and referred to commonly as the "Title".

Default

Breach of a contract. Failure to do or not to do something that you have agreed either to do or not to do, such as failure to make the mortgage payment within a specified period of time.

Density

The number of dwelling units per acre. Allowable densities are determined by the Zoning bylaws of the local government.

Deposit

A sum of money given in advance of a larger amount being expected in the future, paid to secure the right to purchase a home or property at terms agreed upon by the buyer and seller. The Deposit should be sufficient to satisfy the Seller that the Purchaser would not willingly forfeit the deposit if he or she found another home more to their liking after the Contract of Purchase and Sale was signed but before Closing.

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 ("Capital Cost Allowance").

Disclosure

An oral and/or written communication about agency, property condition, compensation or other key factors.

Down Payment

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

Dual Agency

Representing the buyer and the seller in the same transaction by the same agent. Since there is an inherent conflict in fiduciary obligations to two different principals, dual agency, at best, is a risky undertaking. The BC Real Estate Association requires that all parties to a dual agency have full knowledge and consent (Limited Dual Agency Agreement).

Duplicate Certificate of Indefeasible Title

A duplicate copy of the original title that may be signed out of the Land Title Office if the property is free of financial encumbrances. The Duplicate must be returned to the Land Title Office before the owner can deal with his property in any way. As a result, the Duplicate title may be "Hypothecated" or given as security to a lender who will hold the title until the loan is repaid.