debt
An amount owed to another. See installment loan
and revolving
liability. deed
The legal document conveying title to a property.
deed-in-lieu
A deed given by a mortgagor to the mortgagee to satisfy a
debt and avoid foreclosure. Also called a "voluntary
conveyance."
deed of trust
The document used in some states instead of a mortgage;
title is conveyed to a trustee.
default
Failure to make mortgage payments on a timely basis or to
comply with other requirements of a mortgage.
delinquency
Failure to make mortgage payments when mortgage payments
are due.
deposit
A sum of money given to bind the sale of real estate, or
a sum of money given to ensure payment or an advance of
funds in the processing of a loan. See earnest money
deposit.
depreciation
A decline in the value of property; the opposite of
appreciation.
discount points
See point.
dower
The rights of a widow in the property of her husband at
his death.
down payment
The part of the purchase price of a property that the
buyer pays in cash and does not finance with a mortgage.
due-on-sale
provision
A provision in a mortgage that allows the lender to
demand repayment in full if the borrower sells the
property that serves as security for the mortgage.
due-on-transfer
provision
This terminology is usually used for second mortgages.
See due-on-sale
provision.
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