Definitions
A glossary list of definitions for conveyancing terms and abbreviations beginning with ‘D’ can be found below.
- Deed of Covenant
A legal document which binds the parties to perform certain acts (for example repair requirements) or refrain from acting in a certain way (for example not to keep animals at a property). This document is often required to be completed in Leasehold properties between the freehold owner and the new leasehold Buyer.
- Deed of Gift
A document transferring ownership of a share or interest in a property from one person to another, but where no monetary payment is provided for the share transfer.
- Deed of Guarantee
A document used where one person legally agrees to take over the obligations or duties of another person in the event they default on such obligations, usually in relation to a mortgage.
- Deed of Grant
A legal document which gives specific benefits to a property owner (for example right to use a shared driveway).
- Deed of Postponement
A legal document where one party, usually a mortgage lender, agrees to postpone their rights in favour of another party. In the case of a mortgage lender it may be agreed their legal charge will move to be ranked lower than a new legal charge.
- Deed of Rectification
A legal document which corrects an error within the original terms of an existing legal document.
- Deed of Variation
A legal document which changes the original terms of an existing legal document.
- Deeds
Also known as Title Deeds. See Title Deeds for the definition.
- Defect in Title
A term used to describe when a problem within the legal ownership of a property is located. Such a problem will usually need to be remedied before Completion or if possible a suitable indemnity insurance policy be obtained to protect against adverse affects of the defect.
- Deposit
The amount of money of which the Buyer is putting toward the purchase of the property. Typically the amount would be equal to 10% of the purchase price at exchange of contracts, although sometimes a seller will accept less than 10%. The remaining balance of the purchase price is due upon completion.
- Depreciation
The decrease in value of a property.
- Disbursements
A disbursement is a payment made by a solicitor on your behalf that will be claimed back. Disbursements can include your Search Fees, Land Registry Title Documents and more.