Miami Office:
4000 Ponce de Leon Blvd
Suite 470
Coral Gables, Florida 33146

Phone: (305) 777-0482
Fax: (305) 675-3271

Boca Raton Office:
6111 Broken Sound Pkwy NW
Suite 330
Boca Raton, Florida 33487

Phone: (561) 443-7124
Fax: (561) 431-0419

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GLOSSARY-D

Damages
The financial amount, which has been lost due to somebody else’s actions.

Debt-to-Equity Ratio
A regulation that is used by banks, which demands that any borrower must invest a certain amount of the equity cash (normally 10% to 25% of the purchasing price) as a clause to acquire a mortgage. It is also known as the “loan-to-value ratio”.

Debt Service
The price of getting a loan that is paid via monthly payments and includes the interest as well as principal payments.

Debt-to-Income Ratio
It is also known as the “debt-to-service” ratio and refers to the association of the borrower’s regular payment liability on the long-term debts distributed by the net monthly income. It is expressed as a percentage.

Declaration
The chief deed that contains the legal descriptions of the plans, rules and specifications pertaining to a building and its units. It also describes the condominium service, degree of ownership, and description of different common areas.

Declaration of Restrictions
The instrument that records limiting covenants on public record.

Dedication
An assumption of an easement or land therein by the public or the owner.

Dedication by Deed
The deeding of the package of a land to the municipality.

Deductible Expenses
The expenses or costs of the operating property that is held for some use in the business or in the form of investment. These costs are deducted from the net income.

Deed
A written tool that transfers interest in the property when it is delivered to its grantee.

Deed in Lieu of Foreclosure
The default transportation of the title to its mortgagee by its mortgagor to evade the foreclosure record.

Deed Restriction
A restriction on the land use that appears in its deed.

Default
An act that is executed by the seller, tenant, landlord or buyer that violates the lease or sale contract and requires a claim to be made for damages.

Defeasance Clause
A declaration in a deed or mortgage of trust that gives the borrower the right to convert the title of property and get the mortgage lien liberated at any time before defaulting by paying all the debt.

Defeasible Fee
The title that is subject to revocation if some particular conditions occur.

Delinquency
The inability to make the mortgage payments at the time the payments are expected.

Delivery and Acceptance
This takes place when the grantor gives the grantee a title by the deed.

Depreciation
This describes the value of a certain asset that has been utilized.

Descent
The allocation of the property to all the capable heirs of the deceased owner of that property.

Description by Monument
The legal account of the land and can refer to the permanent items such as boulders, stone walls or large trees.

Description by Reference
An account on the deed referring to a legal document.

Disclosure and Informed Consent
When a realtor explains their place in relationship of an agency in written and verbal consent by their client, it is known as “disclosure and informed consent”.

Disclosure Statement
An account of all the financial aspects pertinent to a mortgage loan that is needed from lenders and borrowers in residential mortgage loans, as required by the Federal Reserve Board.

Discount Points
A payment that the borrower has to pay the lender once at the closing to acquire a lower or better interest rate on the loan of the mortgage.

Down Payment
The sum of money that a buyer has to pay upfront to the seller for procuring a property.

Dual Agent
A salesperson or broker who represents the seller and buyer in the exact same transaction.

Due Diligence
The examination and evaluation of a real estate in order to determine any legal responsibility.

Duplex Apartment
It is a property divided into two different apartments with separate entrances.