Glossary - D
Deed
The legal document conveying title to a property.
Deed-in-lieu
A deed given by a mortgagor to the mortgagee to gratify a debt and evade foreclosure. Also known 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 an opportune basis or to comply with other requirements of a mortgage.
Delinquency
Malfunction to make mortgage payments when mortgage payments are due.
Depreciation
A reject in the value of property; the opposite of appreciation.
Dower
The rights of a widow in the property of her husband at his death.
Down payment
The part of the buy price of a property that the purchaser pays in cash and does not finance with a mortgage.
Due-on-transfer provision
This expression is frequently used for second mortgages. See due-on-sale provision.
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