Deed Written document that when executed and delivered conveys title to real property. |
Deed of trust Document resembling a mortgage that conveys legal title to a neutral third party as security for a debt. Also called a trust deed or deed in trust. |
Deed restrictions Provisions placed in deeds to control how future landowners may or may not use the property. Also called deed covenants. |
Default Breach of a contract or failure to meet a legal obligation. Nonpayment of a mortgage beyond a certain number of payments is considered a default. |
Deficiency judgment Judgment issued against a borrower when the sale of foreclosed property does not bring in enough to pay the balance owed on the mortgage. |
Delinquent loan One where the borrower is behind, or late, in payments. |
Depreciation Gradual decline on paper in market value of real estate, especially because of age, obsolescence, wear and tear, or economic conditions. |
Discount broker Full-service broker who charges less than the prevailing commission rates in his or her community. |
Discount points Added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans. |
Downpayment Initial cash investment made as evidence of good faith when purchasing real estate. It is usually a percentage of the sale price. |
Due-on-sale Clause in a note or mortgage giving the lender the right to call the entire loan balance due if the property is sold or otherwise conveyed. |