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Deed
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A document executed with the
necessary formalities to make it into a deed.
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Defect in Title
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A flaw in the title to the
property, eg. where the seller is unable to produce a copy of a relevant deed.
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Defective Title Indemnity Policy
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An insurance policy to
protect the owner and/or mortgage lender against a defect in the title up to a
financial limit specified in the policy.
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Deposit
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The amount payable by the
buyer on exchange of contracts to buy a property. The deposit is a part payment and
a guarantee that the buyer will complete the purchase. If the buyer unjustifiably
refuses to complete, the deposit is forfeited and kept by the seller.
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Disbursement
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Costs such as search fees
incurred by lawyers in the conveyancing process. These costs will be passed on
to the client.
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Discharge of Mortgage
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The repayment of a mortgage
or the document which confirms that the borrower has repaid the loan in full to the
lender.
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