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.
