Real
Estate Markets are very different and many
things are handled differently from one
state to another. We have assembled a
glossary of the most common terms used in
the Florida Real Estate Market to assist
our American clients and the many
international clients from Canada, United
Kingdom and other countries across the
world.
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Damages
Losses incurred as a result of a breach of contract or some other
cause
Declaration
The legal document that the developer of a condominium must file
and record in order to create a
condominium under state law
Deed
A type of conveyance, a written instrument to transfer title to
real property from one party to another
Deed restriction
Provision placed in deeds to control future uses of the property
Default
Failure to comply with the terms of an agreement or to meet an
obligation when due.
Defeasance clause
A provision in a mortgage that specifies the terms and conditions
to be met in order to avoid default and
thereby defeat the mortgage
Demand deposits
Checking accounts; payable on demand by holder.
Deposit
Earnest money or some other valuable consideration given as
evidence of good faith to accompany an
offer to purchase or rent
Depreciation
A loss in value for any reason; a deduction for tax purposes.
Descent
The passage of title to real property upon the death of the owner
to his or her legal descendants.
Devise
A gift of real property by a will
Devisee
One who receives real property under a will
Devisor
One who gives real property through a will
Discount points
A method for increasing a lender's yield (See also Point.
Mortgage discount.)
Documentary stamp tax
State tax required on all deeds or other documents used as
conveyances. The charge is based on the
total purchase price
Down payment
A portion of a purchase price paid prior
to closing the transaction. Earnest money
may be part of or the entire down payment.
We hope you found the above links useful,
and
remember, if you have any questions
regarding buying or selling your Florida
Holiday Home or permanent residence in
the Disney Orlando area please contact
us - we look forward to your call.
