DEDICATE: Transfer of property from private to public ownership.
DEED: Generally, a conveyance instrument given by the seller to pass fee title to property upon sale.
DEED IN LIEU OF FORECLOSURE: A deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings.
DEED OF TRUST: An instrument securing a loan that is used in many states in place of a mortgage. Property is transferred to a trustee by the borrower, in favor of the lender (beneficiary), and re-conveyed to the borrower upon payment in full.
DEFAULT: The omission or failure to perform a legal or contractual duty or to pay an obligation when due. Some specific examples are: (1) Failure to make a payment of principal or interest or other type of financial obligation when due. (2) The breach or failure to perform any of the terms of a note or the covenants of a mortgage or deed of trust.
DEFICIENCY JUDGMENT: Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the amount owed. Actually, the judgment is for the total amount of the obligation and not for the deficiency. Any recoveries from a foreclosure sale are deducted from the judgment. It may also apply to debt due after repossession of personal property subject to a security interest.
DELIVERED BUILDINGS: Buildings with completed construction that are ready for tenant build-out. They may or may not yet have a Certificate of Occupancy.
DEMISING WALLS: Are the boundaries that separate one tenant’s space from another tenant’s space and from a public corridor.
DENSITY: Number of dwelling units divided by the gross acreage being developed. For an urban project, this term is also used to refer to the Floor Area Ratio.
DEPRECIATION: (1) Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes. (3) Spreading out the cost of a capital asset over its useful life.
DESIGN/BUILD: Is also referred to as Design/Construct. It is a system in which a single entity is responsible for both the design and construction of a facility, often involving the fast-track method of construction.
DESIGN EFFICIENCY: Design quality metrics will be defined in terms of the probability that a completed design satisfies its specifications. Another important aspect of the design is its efficiency, related to design parameters. The metrics of design efficiency may be expressed as a cost function, and different design proposals may be evaluated against estimated design efficiency.
DISTRAINT: The act of taking (legally or illegally) personal property and retaining control until the property owner performs an obligation. Commonly, a landlord takes possession of personal property of a tenant in default until the default is satisfied.
DISTRESS SALE: The sale of property under less than favorable conditions. Usually, the seller is experiencing financial difficulties and is under extreme pressure to sell.
DUE-ON-SALE CLAUSE: Is a provision in a mortgage contract that requires the mortgage to be repaid in full upon a sale or conveyance of partial or full interest in the property that secures the mortgage. Mortgages with a due-on-sale clause are not assumable.