Real Estate Terms Glossary: D

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Days On Market (DOM)
Number of days between the time a house is put on the market and the date of a firm sale contract.

Declaration
Master deed containing legal description of the condominium facility, a plat of the property, plans and specifications for the building and units, a description of the common areas, and the degree of ownership in the common areas available to each owner.

Deed
A legal document that conveys ownership (title) of a real estate property.

Deed In Lieu Of Foreclosure
Conveyance of title in default to avoid a record of foreclosure. Also called friendly foreclosure.

Deed Restrictions
Limitation on land use appearing in deeds.

Deferred Commissions
Commissions which are earned but not yet fully paid.

Demise
Property transfer by lease. A property transfer by means of a least.

Deposit
Sometimes called "earnest money", this is money offered by a prospective homebuyer to indicate his or her good faith in entering into a sales contract.

Depreciation
The loss of value due to any cause (including physical, functional, and economic), a condition that adversely affects the value of an improvement.

Dereliction
Land which is added or gained by the action of water when it recedes below the usual water mark; a form of accretion.

Disclaimer
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

Disclosure
The act of disclosing or making known certain information to a party who may otherwise not be aware of the information. Disclosure of material facts by an agent to a principal is a fundamental duty under agency law.

Discrimination
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

Down Payment
A percentage of the purchase price that the buyer must pay in cash and may not borrow from the lender.

Dual Agent
An agent who represents two opposing principals in one transaction such as a buyer and seller in a purchase agreement.

Duress
A situation where one is threatened or forced into entering a contract against his free will. The use of threat or coercion to induce one to do something he might not otherwise do.

Duty Of Disclosure
A responsibility for revealing all information that affects the agency agreement.

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