Glossary

D

DATE OF SETTLEMENT – In relation to real estate transactions, it is the day on which under the terms of the contract the vendor is required to transfer his or her estate or interest in property to the purchaser.

DEED – An instrument (i.e. document) whereby an agreement is made, obligation entered into, or property conveyed, and is under the seal of a party thereto.

DEFLATION – A general decrease in the market value of property.

DEPLETION – A reduction in the value of an asset by reason of the taking away of exhaustible material assets or resources, such as the removal of trees from a forest, the taking of minerals from a mine, the taking of oil from a well and so on.

DEPOSIT – Non-refundable percentage (usually ten per cent) of purchase price paid by buyer when contracts are signed and exchanged. Deposit must be held by estate agency or seller's solicitor in a trust account or held jointly in a trust account by seller and buyer.

DEPRECIATION – A loss from the upper limit of value. An effect caused by deterioration, or obsolescence, or both.

DERELICT – The intentional abandonment or renunciation of property. A state of disrepair.

DESIGN – An architectural drawing or draft of a plan, relating to a structure.

DETACHED HOUSE – A dwelling unattached to any other building and occupied or intended or designed for occupation as a single dwelling.

DETERIORATION – The gradual exhaustion of the usefulness of a property caused by wear and tear or decay and decline from natural causes. One of the causes of depreciation and loss in value.

DISBURSEMENTS – Money paid out. Expenditures, e.g. advertising expenses, rates and taxes, insurance, etc., paid by an agent on behalf of an owner.

DISPLAY HOME – A building which represents a dwelling and which is employed for the purpose of inducing prospective purchasers to enter into contracts for the purchase or construction of like buildings. A display home is generally located adjacent to new housing estates or on a main roadway.

DISTRICT – An area having a common use characteristic such as a retail district and the like.

DISTRICT BUSINESS CENTRE – A term used to describe the hub of a main shopping centre in a city or suburb. It is much more extensive than a daily needs shopping centre.

DRY ROT – A decay of seasoned wood caused by a fungus.

DURATION OF LEASE – The lease period. The remaining time for which the property is leased. The length of a lease.

DWELLING – A residence. A place of abode or a structure occupied exclusively for living purposes.

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