Mortgage Glossary: D

Glossary of Terms
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Damages Damages are money that is recoverable by court action. This sometimes occurs when people suffer loss or injury resulting from breach of contract.
Deed A deed provides written evidence of a legal transaction that has been signed, sealed and delivered.
Default Notice 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 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.
Deposit 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.
Dictum A dictum is a formal statement made by a judge in the process of a judgement.
Dilapidations 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.
Discretionary Trust A discretionary trust occurs when trustees have discretion over who, within a specified group of individuals, should receive benefits and in what proportion.
Disposal (Disposition) Disposal refers to the transfer of land (including buildings) title by assignment, a new lease, death, gift, exchange or sale.
Disregards Disregards are particular items that are ignored when valuing a house. This is generally in regards to rent reviews, etc.
Distress 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.
Drawdown date The drawdown date is the date on which the mortgage comes into effect.

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