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Real Estate Dictionary

Debt


An amount owed to another. See installment loan and revolving liability.

Deed


The legal document conveying title to a property.

Deed Of Trust


The document used in some states instead of a mortgage; title is conveyed to a trustee.

Deed-In-Lieu


A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance."

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.

Department Of Veterans Affairs


An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

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.