damages
Money that courts order parties to pay as compensation for some loss they have caused to others. Also means a decline in the quality of material due to breakage, leakage, etc.

datum
Reference point against which positions are plotted or measured.

datum line
Line used to measure height.

dead load
Weight of a truck or building, including all permanently affixed structure or appliances but not including the weight of things that are placed on or in it.

dead-end street
Road or street that ends abruptly at a permanent obstacle. Street where the entry and exit point is the same.

debenture
Written acknowledgement or evidence of a debt, especially stock issued as security by a company for borrowed money.

debt
Money that is owed by one party to another.

debt amortization
The practice of adjusting the original cost of a debt instrument as principal payments are received and any purchase discount or premium is written off to income over the life of the instrument.

debt service
The regular and periodic payment of installments towards repayment of a loan.

decentralization
The movement of people or transfer of power from a central position or authority to the suburbs or to subsidiary authorities.

decibel
A measure of the loudness of sound.

declining balance method of depreciation
Also known as the written down value or WD method of depreciation. In this, a fixed percentage of the residual value of an asset is written off every year.

decorate
The act of adding to the beauty of a structure by making superficial changes.

decree
An order of court.

dedicated
The gift of private property for public use. Also means structure or equipment that is used for a single purpose only.

deed
Legal document, usually pertaining to the ownership of a property.

deed of trust
Document recording the terms of a trust.

default
The failure to do something as required by law or failure to comply with certain terms and conditions in a contract. Eg., a “judgment in default” in favor of one party, where the other fails to comply with the required legal procedure. For instance, one party may default by not attending a court hearing or not serving a particular notice or counter notice.

defective title
Title that is flawed.

defects liability period
A specified term (normally 12 months) following practical completion of a facility when the contractor remains responsible to rectify any defective work.

deferred maintenance
Repairs that are required to restore a property to good condition.

delay
An occurrence that impacts on the time to complete an activity or the project.

delivery
The act of handing over physical possession of a property to a buyer.

demand
1) A communication from a lender seeking payment of money owed to them. Various meanings in real estate, including level of leasing activity. 2) Level of interest in investment assets.

demise
Old expression for a life-long lease.

demised premises
Defined in the agreement as the actual area being taken on lease or license or outright purchase.

demographics
Statistics relating to population.

density
In town planning, a term applied to the number of units permitted per acre (or hectare), usually in relation to residential accommodation.

department store
Usually a multi-level retail property varying in size from one selling an extensive, but not comprehensive, variety of goods in at least 6,500 square meters (70,000 square feet) gross floor space to one selling a full range of different lines requiring about 23,000 square meters (250,000 square feet) of gross floor space. A distinctive feature of a department store is that it stocks a significant amount of clothing and household goods.

depletion
Reduction in the value of a property.

deposit
Money, often a token or smaller percentage of total price, that is paid to seal an agreement, pending the payment of a larger sum of money.

depreciation
Periodic charges to income to recognize the cost of “wear and tear” of a company’s fixed assets over the estimated useful lives of those assets.

Design & Construct (D&C) contract
An agreement with a party to provide the design and construction necessary to create a facility for a fee based on a detailed brief.

desk valuation
A term indicating a valuation of a property by someone who has not made a physical inspection of a property for that purpose. Many believe that no property can be valued unless it has been physically inspected at the time of valuation.

developer
An entrepreneur who has an interest in a property, initiates its development and ensures that this is carried out (for occupation, investment or dealing) and from the outset accepts the ultimate responsibility for providing or procuring the funds needed to finance the whole project.

developer’s profit (or loss)
The amount by which, on completion or partial completion of a development, the estimated value or the price realized on sale of a developer’s interest exceeds (or is less than) the total outlay, including such figure for the land as is considered appropriate in the circumstances (including accrued interest).

developer’s risk and profit
In a residual valuation the amount which is allowed to cover both: a) an estimate of the sum needed to reflect the risk element between the valuation date and the completion of the development program; and b) an amount to meet the developer’s requirement for profit on the venture.

Development Application (DA)
An application to the local authority for any development concerned with establishing the principle of a proposed land use — as opposed to the details of a particular building which is the subject of the building application.

direct property
Direct ownership and/or control of physical property.

direct vacancy
Vacant space which is available for lease directly from the property owner.

disclaimer
The renunciation of: 1) a right or claim; 2) an interest in property, eg., the liquidator of a company may disclaim an onerous lease held by the company; 3) a possible obligation or responsibility, eg., in a survey report the renunciation of responsibility for the consequences of non-notification of defects in inaccessible parts of a building.

disclosure
Making information available, especially to the public, as in the case of a quoted company producing and distributing a detailed and comprehensive report usually each year, which presents a true and fair picture of its financial position (capital and revenue) and of the activities undertaken during the period under review. Public opinion has, over the years, called for less secrecy, more accountability and more openness in the type, breadth and depth of information which is disclosed. The underlying reason is to minimize the risk of dishonest or otherwise improper conduct of business affairs. The more open a company or country is, the more transparent it is said to be.

discount rate
The rate adopted to capitalize net cash flows to come up with the capital value. The rate could be adopted by making reference to the cost of capital or the opportunity cost of the investment capital.

discount store
A store that sells well known brands at discounted prices.

discount store (discount warehouse)
A retail outlet which, because it is one of many branches belonging to the same owner who is able to buy goods in bulk, can offer them at a relatively low price. Unlike the practice in traditional multiple shops, the price charged to retail customers reflects a proportion of the preferential discount available to the store owner.

discounted cash flow analysis
A method of computation to arrive at the present value of cash flows that are expected in future.

discounting
Method for reducing a future cash flow to account for the time value of money.

discovery of documents
The compulsory disclosure of relevant documents held by one party to the opposing party in a civil action or arbitration.

dissolution
The scrapping of an agreement or a partnership.

distress sale
Sale of property in order to raise acutely needed cash.

distributed load
Weight that is distributed over a given area.

district
An administrative area smaller than a state.

ditch
Narrow, shallow channel.

divest
To sell.

divided interest
The interest of different people, like owner, tenant, mortgage holder, etc., in the same property.

dividend
Share of income that is distributed to shareholders.

dividend yield
Absolute returns expressed as a percentage of total investment.

division wall
Wall that separates two buildings or rooms.

DIY (do-it-yourself) store
An outlet mainly supplying the retail buyer (usually a householder) with basic materials, components and goods to be used for building, plumbing, furnishing, decorating, etc. Often these outlets are located on the periphery of a town, with on-site parking space, and maybe established in suitably adapted warehouses or other buildings with adequate clear space.

domicile
Legal term indicating the place or country in which one is permanently resident.

dominant estate
Land which does not have access to a public road which is given a right of way through an adjoining land.

double (room) occupancy, percentage of
Total occupancy of double rooms in a hotel expressed as a percentage of total room nights available.

double glazing
Window having two glass panes with air in between for improved thermal and sound insulation.

down payment
A sum of money, which is part of the purchase price, paid immediately when the option to a property purchase is exercised.

downtown
The main business hub of a city.

draft curtains
Fire-proof material attached to the roof or walls of a building that stop fires in one section spreading to others.

drainage
System for carrying liquid wastes away from an area.

drawdown
Part of a construction loan that is released on the achievement of pre-determined milestones.

driveway
Private road leading from a road or public place up to a house.

dry mortgage
A mortgage in which the mortgagor has no personal liability. The mortgaged property is the only security.

dry-wall construction
Construction technique in which little or no water is used in the erection of the walls inside a building. Pre-fabricated or other sheets are used for these walls.

dual agency
An agent who represents and is paid commissions or consideration by both buyer and seller.

dual-use apartment
Apartment that can be used as both residential and small office or shop.

ducts
A conduit for the passage of electric wires, liquids or gas from one part of a building to another.

due date
The date on which the rent is due and payable to the landlord.

duplex
Building with two residential units, or a house or apartment spanning two floors.

dutch auction
An auction at which the proceedings commence with the auctioneer quoting a higher price than he might reasonably expect to receive. If he is unable to secure an acceptance at that figure he will reduce the figure by stages until someone accepts. The acceptor is then legally obliged to proceed with the purchase.

dwelling unit (dwelling house)
House or apartment where one resides.