Glossary of Terms
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||Damages are money that is recoverable by court action. This sometimes occurs when people suffer loss or injury resulting from breach of contract.
||A deed provides written evidence of a legal transaction that has been signed, sealed and delivered.
||The default notice occurs when one party to a contract is in breach. This notices states the nature of the breach and the required remedies before legal proceedings for breach of contract commence.
||Demise means the same thing as “lease”, or the right to exclusive occupation for a set period. The term is often used to identify the premises leased.
||The deposit refers to a sum of money held as security, pending the outcome of a contract or event. When it comes to property, a holding deposit is held during the period of a tenancy, pending an inspection of cleaning, damages or other expenses occurred during the rental period. Some landlords put their tenants deposits in accounts and repay them with interest.
||A dictum is a formal statement made by a judge in the process of a judgement.
||Dilapidations refer to disrepair on a rental property that occurs due to the failure of a tenant to comply with the terms of the lease. This may give rise to a landlord’s right to retain part of the deposit.
||A discretionary trust occurs when trustees have discretion over who, within a specified group of individuals, should receive benefits and in what proportion.
||Disposal refers to the transfer of land (including buildings) title by assignment, a new lease, death, gift, exchange or sale.
||Disregards are particular items that are ignored when valuing a house. This is generally in regards to rent reviews, etc.
||Distress refers to the seizure of goods without legal process to enforce the satisfaction of a demand. Where residential properties are concerned, a court order is always necessary.
|District Valuer (DV)
||A district valuer is generally employed by the valuation office, a part of the board of the Inland Revenue. DVs carry our valuations for a variety of purposes, on the behalf of local authorities or the government.
||The drawdown date is the date on which the mortgage comes into effect.
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