Definition: Losses sustained as a result of a breach of contract or some other cause. See also liquidated damages and unliquidated damages. Pronunciation: \ˈda-mij-iz\ Used in a Sentence: When the buyer defaulted on the contract the seller sued for damages..
Category : D
Definition: As a verb, to make an entry on the left of charge side of an account; as a noun, a charge or expense. Pronunciation: \ˈde-bət\ Used in a Sentence: The purchase price of the property is a debit to the buyer on the closing ..
Definition: A dead person. Pronunciation: \di-ˈsē-dənt\ Used in a Sentence: There is a tax on the estate of the..
Definition: The legal document that the developer of a condominium must file and record in order to establish a condominium under state law. Pronunciation: \ˌde-klə-ˈrā-shən\ \ˌkän-də-ˈmi-nē-əm\ Used in a Sentence: The developer filed the declaration of condominium with the county before he started..
Definition: A course of action declaring rights claimed under a contract or statute intended to prevent loss or to guide performance by the party or parties affected. Pronunciation: \di-ˈkler -ə-ˌtȯr-ē\\ˈjəj-mənt\ Used in a Sentence: The broker felt he deserved a portion of the disputed funds so he filed for a declaratory ..
Definition: An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public. Pronunciation: \ˌde-di-ˈkā-shən\ Used in a Sentence: The new park was made available by the dedication of the land from a local..
Definition: A type of conveyance; a written instrument to transfer title to real property from one party to another. Pronunciation: \ˈdēd\ Used in a Sentence: Once the sale was complete, the deed was transferred to the ..
Definition: A friendly foreclosure (non-judicial process) in which the mortgagor gives title to the mortgagee. Pronunciation: \ˈdēd\ \ˈlü\ \ˈfȯr -ˈklō-zhər\ Used in a Sentence: When the property was in trouble the owner gave a deed of foreclosure to t..
Definition: Stipulation placed in deeds to control future uses of the property. Pronunciation: \ˈdēd\ \ri-ˈstrik-shəns\ Used in a Sentence: The deed restrictions prohibit home-owners from placing any type of storage shed on their..
Definition: Failure to comply with the terms of an agreement or to meet an obligation when due. Pronunciation: \di-ˈfȯlt, dē-; ˈdē-ˌfȯlt\ Used in a Sentence: The borrower has made no payments and is in default o..