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Dictionary

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Debt
Any amount of money owed by one person to another.

Deed
The legal document that transfers the title to a piece of property from one owner to another..

Default
Failure to make payments on a timely basis or to fulfill other requirements of a mortgage agreement.

Deposit
Also referred to as ‘earnest money’, a deposit is money given in good faith by the buyer with an offer to purchase property.

Depreciation
The decline in monetary value of a piece of real estate that can be a result of a number of factors, such as ordinary wear and tear, destructive action of the elements, or declining market values.

Dower
The rights of a wife in her husband’s property at the time of 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 clause in a mortgage agreement allowing the lender to require repayment in full if the property is sold or transferred.

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