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Washington State Commercial & Business Investment Real Estate Glossary
of Terms
Dedicate
To appropriate private
property to public ownership for a public use.
Deed
A legal instrument transferring
title to real property from the seller to the buyer upon the sale of
such property.
Deed in Lieu of Foreclosure
A
deed given by an owner/borrower to a lender to satisfy a mortgage
debt and avoid foreclosure. See also "Foreclosure."
Deed of Trust
An instrument
used in many states in place of a mortgage by which real property is
transferred to a trustee by the borrower (trustor), in favor of the
lender (beneficiary), to secure repayment of a debt.
Default
The general failure to
perform a legal or contractual duty or to discharge an obligation
when due. Some specific examples are: 1) Failure to make a payment
of rent when due. 2) The breach or failure to perform any of the
terms of a lease agreement.
Deficiency Judgment
Imposition
of personal liability on a borrower for the unpaid balance of
mortgage debt after a foreclosure has failed to yield the full
amount of the debt.
Demising Walls
The partition
wall that separates one tenant's space from another or from the
building's common area such as a public corridor.
Design/Build
A system in which
a single entity is responsible for both the design and construction.
The term can apply to an entire facility or to individual components
of the construction to be performed by a subcontractor; also
referred to as "design/construct".
Depreciation
Spreading out the
cost of a capital asset over its estimated useful life or a decrease
in the usefulness, and therefore value, of real property
improvements or other assets caused by deterioration or
obsolescence.
Distraint
The act of seizing
(legally or illegally) personal property based on the right and
interest which a landlord has in the property of a tenant in
default.
Dollar Stop
An agreed dollar
amount of taxes and operating expense (expressed for the building as
a whole or on a square foot basis) over which the tenant will pay
its prorated share of increases. May be applied to specific expenses
(e.g., property taxes or insurance).
