Home Page - Kelowna Real Estate

DAMAGES:
The estimated monetary value of the injury a person suffers as a result of an unlawful act or negligent act of another person. Once proven, damages may be awarded by a Court.

DATE OF APPRAISAL:
The precise day, month and year upon which an assessment of the value of a property has been given.

DATE OF INSTRUMENT:
The specific day, month and year a legal document was signed or prepared.

DATE OF REGISTRATION:
The specific day, month and year upon which an instrument was registered on title to the property.

DEAD-END STREET:
Also known as "Cul de Sac". A street which is closed at one end so that traffic cannot flow through it.

DEBIT:
An entry on a financial statement which reflects payments or disbursements made on behalf of a party for which the party is responsible (opposite of "Credit").

DEBT:
1) An obligation to another person.
2) That obligation which is created by borrowing.
3) The total of all financial obligations of a person or corporation.

DEBT COVERAGE RATIO (DCR):
A comparison of the net income of a property with the cost of payments (principal and interest) on the mortgage on the property, used to assess the ability of the property to generate enough income to pay for itself.

DEBT EQUITY RATIO:
A comparison of the amount owing on a property with the equity (value of property minus amount owing).

DEBT FINANCING:
Paying for the purchase of a property with credit.

DEBT RATIO:
Also known as Debt-to-Income ratio. A comparison of the total monthly payments of all of the borrower's debts (including the mortgage) with the gross monthly income of the borrower, used to assess borrower's ability to pay mortgage.

DEBT SERVICE:
The mortgage payment for a given period of time.

DEBTOR:
A person who has borrowed and therefore owes (opposite of Creditor).

DECLARATION (CONDOMINIUM):
A document which originates a condominium corporation and which is registered on title to all property owned by the condominium corporation, setting out the originating rules, regulations and information about the condominium corporation.

DECLARATIO OF POSSESSION:
A sworn statement provided by an owner (or former owner) of a property confirming her occupation, use, enjoyment of the property and other items having to do with title to the property.

DECLARATIO OF TRUST:
A signed statement by a trustee acknowledging that she holds legal title to property on behalf of someone else (the beneficiary of the trust).

DEDICATION:
Often required under subdivision or development agreements, the donation of parcels of land to the municipality for a public use, such as a street, a park or a school.

DEDUCTION:
An amount of money held back by the lender from the mortgage advance. Could be for appraisal fee, commitment fee, interest adjustment or for realty tax account.

DEED:
The instrument by which title to property is conveyed from one person to another. In Canada, also known as a transfer.

DEFAULT:
Failure. In mortgages, the failure to make payments in full, on time or at all or to live up to any other obligations placed on the borrower by the loan agreement.

DEFAULT JUDGMENT:
A decision rendered by a Court when the defendant has failed to respond to the claim.

DEFEASANCE CLAUSE:
A clause in a mortgage which ensures that, once the borrower has met all of her obligations under the terms of the mortgage and paid out the entire principle and interest borrowed, the lender's legal interest in the property is extinguished.

DEFEASIBLE:
Able to be revoked in the case of the occurrence (or non-occurrence) of a certain event or the performance (or failure) of a condition.

DEFECTIVE TITLE:
Ownership of property which is subject to some competing claim.

DEFENDANT:
The person against whom a claim is asserted in a Court action.

DEFERRED INTEREST:
Interest which is not paid as it accumulates but which is added, instead, to the loan principle.

DEFERRED INTEREST MORTGAGE:
A technique for reducing the amount of each periodic payment on a mortgage monthly by postponing the payment of a portion of the interest until a certain date in the future (or to when the property is sold), at which time the interest postponed is added to the principle owing.

DEFERRED MAINTENANCE:
A nice way to say that the property has not been kept up and is depreciating both physically and in value.

DEFICIENCY JUDGMENT:
A Court order against a borrower under a mortgage to pay to the lender an amount sufficient to make up for the difference between what the borrower owes under the mortgage and the amount the lender sold the property for under a mortgage remedy action.

DEGREE:
One 360th of a circle. One 90th of a right angle. Used in astronomic bearings in metes and bounds descriptions of land.

DELINQUENCY:
The condition of being